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US retail sales pick up in October

by ChemOrbis Editorial Team -
  • 16/11/2016 (14:48)
US retail sales picked up in October, according to data released by the US Commerce Department. Retail sales rose by 0.8% on a monthly basis following a gain of 1% in September, exceeding analysts’ estimates which called for an increase of 0.6%. Sales also increased 4.3% from the same month of last year, recording the largest gain on a yearly basis in approximately two years. It is reported that the rise in September and October sales was the highest bimonthly increase since early 2014.

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.
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