U.S. Retail Sales Growth Slows More Than Expected In October
17 Noviembre 2020 - 03:27AM
RTTF2
After reporting a sharp increase in U.S. retail sales in the
previous month, the Commerce Department released a report on
Tuesday showing retail sales rose by less than expected in the
month of October.
The report said retail sales rose by 0.3 percent in October
after jumping by a downwardly revised 1.6 percent in September.
Economists had expected retail sales to climb by 0.5 percent
compared to the 1.9 percent spike originally reported for the
previous month.
Excluding an increase in sales by motor vehicle and parts
dealers, retail sales edged up by 0.2 percent in October after
surging up by 1.2 percent in September. Ex-auto sales were expected
to increase by 0.6 percent.
The weaker than expected retail sales growth was partly due to
steep drops in sales by clothing and accessories stores, sporting
goods, hobby, musical instrument and book stores and department
stores.
On the other hand, the report said sales by non-stores retailers
surged up by 3.1 percent and sales by electronic and appliances
stores jumped by 1.2 percent.
Closely watched core retail sales, which exclude automobiles,
gasoline, building materials and food services, inched up by 0.1
percent in October after climbing by 0.9 percent in September.
Gregory Daco, Chief U.S. Economist at Oxford Economics noted
retail sales are 4.9 percent above their pre-Covid levels but
called the near-term outlook "concerning."
"While phase one of the recovery proved that fiscally supported
incomes can be potent drivers of spending on goods, we should not
fall for alluring rearview mirror economics," Daco said.
He added, "Phase two of the recovery is significantly slower
with muted employment gains and reduced fiscal aid weighing on
incomes, and a worsening Covid outbreak once again limiting
activity across the country."
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