US re­tail sales post solid gain

The Myanmar Times - - International Business -

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. –

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