Retail Sales Surprise to Upside in October, but Outlook GloomyRetail sales beat market forecasts in October as Americans bought more big-ticket items like cars and furniture, but the outlook for the all-important holiday shopping season looks gloomy, as retail giant Target warned of a consumer demand slump.
The Department of Commerce reported on Nov. 16 that retail sales rose 1.3 percent last month, beating market forecasts of 1.0 percent. In September, retail sales were flat, at 0.0 percent.
Highlights include purchases of automobiles and parts (+1.3 percent in October vs. -0.3 percent in September), furniture (+1.1 percent in October vs. -0.9 percent in September), and e-commerce (+1.2 percent in October vs. +0.6 percent in September).
So-called core retail sales, which exclude automobiles, gasoline, building materials, and food services, advanced 0.7 percent last month, compared to 0.6 percent in September....
Source: Retail Sales Surprise to Upside in October, but Outlook Gloomy (https://www.theepochtimes.com/retail-sales-surprise-to-upside-in-october-but-outlook-gloomy_4866980.html)