US retail sales post solid gain
US retail sales recorded solid growth in October, adding to September gains and showing an upswing in advance of last week’s presidential elections, according to Commerce Department figures.
The advance estimate for the month put sales at US$465.9 billion, an increase of 0.8 percent over September and 4.3pc over the same month last year, the report showed.
Sales were down slightly for furniture and home furnishings, department stores, and restaurants but up sharply at gas stations. Spending in the first 10 months of the year was up 2.9pc over the same period in 2015.
Ian Shepherdson, of Pantheon Macroeconomics, said the numbers were generally good news.
“Overall, our measure of core sales, which excludes gasoline, autos, food and building materials, rose 0.5pc, the best performance since May,” he wrote in a client note. –