US retail sales pick up in October
The upsurge in retail sales is a sign of a growing US economy and that an interest rate hike could be introduced next month. Rising consumer spending has been the main driver for the growing economy in the last few months although overall economic growth has been sluggish this year
The increase was attributed to rising demand for building materials after Hurricane Matthew. The data also revealed that sales of building materials, furniture and home furnishings, department stores and restaurants posted a slight decrease while car sales rose 1.1% in October following a 1.9% rise in September and spending at service stations went up 2.2% in October.
Meanwhile, the general business conditions index increased 8 points on a monthly basis while new orders and shipments climbed to 8.7 and 9.1, respectively.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Egypt’s domestic and import PVC markets diverge
- China import PE prices corrected down on weaker-than-expected demand recovery
- Sentiment cools off due to unpromising PP, PE demand in Türkiye
- China adds big PE capacities in 2023, just the tip of iceberg for 2024
- African PP, PE markets continue to rise in March under shadow of growing demand woes
- Vietnam local PP, PE markets stay on downtrend as demand still sluggish
- Subdued PP, PE demand weigh on March hikes in Europe
- Cost-driven hikes keep Asian PET bottle prices on uptrend for two weeks
- Global PP markets buckle up for massive capacity additions from China
- India PP, PE markets change direction in line with regional trends in Asia