💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Retail sales point to more spending zeal by U.S. consumers

Published 11/14/2014, 08:41 AM
© Reuters Shoppers carry their purchases along Broadway in New York City

WASHINGTON, Nov 14 (Reuters) - U.S. retailers reported strong sales in October, a sign American consumers were spending with more gusto and could help keep the economy growing at a brisk pace.

U.S. retail sales rose 0.5 percent last month when stripping out volatile elements like gasoline, autos, building materials and food services, according to the Commerce Department data released on Friday.

That was the biggest increase since August and just above analyst expectations of a 0.4 percent gain.

Revised data also showed this gauge of sales, which hews closely to overall consumer spending, was unchanged in September. Data released last month had shown a decline in this core measure in September.

Retail sales account for about one-third of consumer spending, and overall they rose 0.3 percent, held back by a 1.5 percent drop in receipts at gasoline retailers. Economists polled by Reuters had expected a 0.2 percent gain.

The drop in gasoline sales reflects falling oil prices that are generally positive for the U.S. economy because less spending on fuel will free up money to spend on other things.

Sales at clothing retailers increased 0.5 percent in October and receipts at sporting goods shops gained 1.2 percent.

© Reuters. Shoppers carry their purchases along Broadway in New York City

Receipts at auto dealers and parts stores climbed 0.5 percent.

(Reporting by Jason Lange; Editing by Andrea Ricci; jason.lange@thomsonreuters.com; 202 310 5487; Twitter @langejason; Reuters Messaging:; jason.lange.thomsonreuters.com@reuters.net)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.