U.S. Retail Sales Unchanged In October As Auto Sales Tumble
(RTTNews) - A report released by the Commerce Department on Tuesday showed retail sales in the U.S. were roughly flat in the month of October.
The Commerce Department said retail sales were virtually unchanged in October after inching up by a downwardly revised 0.1 percent in September.
Economists had expected retail sales to rise by 0.2 percent, matching the increase originally reported for the previous month.
Retail sales came in flat in October as a steep drop in sales by motor vehicle and parts dealers offset strength in other areas.
The Commerce Department said sales by motor vehicle and parts dealers tumbled by 1.6 percent in October after edging down by 0.1 percent in November.
However, excluding sales by motor vehicle and parts dealers, retail sales climbed by 0.4 percent in October after inching up by 0.1 percent in September. Ex-auto sales were expected to rise by 0.3 percent.
"Though headline retail sales were unchanged in October, that was entirely due to a drop in vehicle sales following the expiry of the EV tax credit," said Michael Pearce, Chief U.S. Economist at Oxford Economics.
He added, "Excluding autos, sales posted another strong gain and leave real consumption on track for growth of close to 2% annualized in Q4."
The report showed a 4.9 percent surge in sales by department stores as well as notable increases in sales by furniture and home furnishings stores, sporting goods, hobby, musical instrument and book stores, non-store retailers and miscellaneous store retailers.
Core retail sales, which exclude automobiles, gasoline, building materials and food services, grew by 0.8 percent in October after slipping by 0.1 percent in September. Economists had expected core retail sales to rise by 0.3 percent.
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