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US retail sales grow at slower pace than forecast in Sept

by ChemOrbis Editorial Team -
  • 14/10/2015 (04:53)
According to media reports, US retail sales rose at a slower pace than expected in September, increasing by 0.1% on a monthly basis compared with the Wall Street Journal’s economists’ forecasts which called for a gain of 0.2%. The increase was led by higher auto sales as well as stronger consumer spending despite a slowdown in employment and weak major overseas economies.

The data from the US Commerce Department showed that auto sales climbed 1.8% while excluding auto and gasoline sales, retail sales remained unchanged. Excluding sales for motor vehicles, retail and food, retail sales moved lower by 0.3% in September.

Meanwhile, data for August was revised down to a stable trend from previous estimates of a 0.2% gain; however July’s figures were revised up to 0.8%.

On a yearly basis, US retail sales increased 1.2% in September on the back of increased sales at motor vehicle dealerships and restaurants.

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