US retail sales rise unexpectedly in October
The data showed that the country’s retail sales witnessed an upturn of 0.2% on a monthly basis from a revised increase of 1.9% in September. The unexpected increase in retail sales defied the economists’ forecasts for a stable reading in October.
The monthly rise was mainly attributed to the continued growth in auto sales, which rose by 0.7% in October after surging 4.6% in September.
On a yearly basis, the retail sales also increased by 4.6% in October.
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