Economy
October Retail Sales Sharply Higher Nearly Across the Board
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Excluding motor vehicle and parts sales, sales rose 0.3% month-over-month and 3.3% year-over-year. Analysts were expecting a month-over-month gain of 0.2% and a rise of 0.5%, excluding autos and auto parts. Gasoline stations sales fell 1.5% month-over-month and are down 4% year-over-year, almost entirely due to lower gasoline prices.
Analysts had forecast a gain of 0.2% month-over-month, and the 0.3% gain is doubly unexpected due to the sharp drop in gasoline station sales.
Sales were stronger across a broad range of products. Automobile sales rose 0.5% in October, compared with September, and are up 8.3% compared with October 2013. Building materials and garden supply sales rose 0.4% compared with September and are up 6.4% year-over-year. Non-store retailers (i.e., online stores) saw sales rise 1.9% compared with September, and online sales are up 6.8% year-over year. All these measures were lower month-over-month.
The monthly gains in sales were widespread, with only electronics (down 1.6%) and department stores (down 0.3%) joining gas stations to post lower sales. In September, electronics was the highest growth sector, up 3.4%, likely due to the introduction of the new iPhones from Apple Inc. (NASDAQ: AAPL). Without a new “must-have” product, electronics sales fell sharply.
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