Investing.com - Retail sales in the U.S. increased more-than-expected in October, while core sales also topped forecasts, official data showed on Wednesday.
In a report, the U.S. Commerce Department said that retail sales rose by a seasonally adjusted 0.4% in October, beating expectations for a 0.1% increase. Retail sales fell by 0.1% in September.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, edged up 0.2% last month, above forecasts for a 0.1% increase. Core sales rose by 0.3% in September.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.14% to trade at 1.3519.
Meanwhile, U.S. stock future indices pointed to a higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.1% at the open, S&P 500 futures indicated an increase of 0.1%, while the Nasdaq 100 futures signaled a rise of 0.25%.
In a report, the U.S. Commerce Department said that retail sales rose by a seasonally adjusted 0.4% in October, beating expectations for a 0.1% increase. Retail sales fell by 0.1% in September.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, edged up 0.2% last month, above forecasts for a 0.1% increase. Core sales rose by 0.3% in September.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.14% to trade at 1.3519.
Meanwhile, U.S. stock future indices pointed to a higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.1% at the open, S&P 500 futures indicated an increase of 0.1%, while the Nasdaq 100 futures signaled a rise of 0.25%.