Investing.com - Retail sales in the U.S. fell more-than-expected in October, dropping for the first time in four months, official data showed on Wednesday.
In a report, the U.S. Census Bureau said that retail sales fell by a seasonally adjusted 0.3% in October, disappointing expectations for a 0.2% decline.
Retail sales in September were revised up to a 1.3% gain from a previously reported increase of 1.1%.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, were flat last month. Analysts had expected core retail sales to increase 0.2% in October, after rising by an upwardly revised 1.2% 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 held on to losses against the euro, with EUR/USD adding 0.36% to trade at 1.2749.
Meanwhile, U.S. stock future indices held on to gains. The Dow Jones Industrial Average futures pointed to a rise of 0.25% at the open, S&P 500 futures pointed to a rise of 0.35%, while the Nasdaq 100 futures pointed to a gain of 0.55%.
In a report, the U.S. Census Bureau said that retail sales fell by a seasonally adjusted 0.3% in October, disappointing expectations for a 0.2% decline.
Retail sales in September were revised up to a 1.3% gain from a previously reported increase of 1.1%.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, were flat last month. Analysts had expected core retail sales to increase 0.2% in October, after rising by an upwardly revised 1.2% 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 held on to losses against the euro, with EUR/USD adding 0.36% to trade at 1.2749.
Meanwhile, U.S. stock future indices held on to gains. The Dow Jones Industrial Average futures pointed to a rise of 0.25% at the open, S&P 500 futures pointed to a rise of 0.35%, while the Nasdaq 100 futures pointed to a gain of 0.55%.