U.S. consumer spending increased by 0.2% year over year in October and by 4.6% above a revised September increase of 1.9% (up from 1.6%). The U.S. Census Bureau released its estimated retail sales data for October Wednesday morning. A poll of economists had forecast that retail sales would rise 0.2% compared with sales in October 2016.
Sales of motor vehicles rose 0.7% month over month and 6.0% compared with October 2016 as auto sales surged again. Car sales totaled $94.41 billion last month on an adjusted basis, up from $93.63 billion in September and up from $89.05 billion in October 2016.
Adjusted for seasonal variations and other items, total retail sales for the month came in at $486.6 billion, up 0.2% month over month and 4.6% above the October 2016 total. Total sales for the three-month period between August and October rose 4.3% compared with last year. For the first 10 months of the year, sales are up 4% year over year to $4.69 trillion.
Retail trade sales rose 0.2% month over month and 4.7% year over year. Nonstore retail sales rose 3.2% year over year. Month over month, nonstore retail sales slipped by 0.3%. This includes online sales and is something of a surprise.
Gasoline station sales fell 1.2% month over month and are up 7.5% year over year. The 10-month total for gas stations is 8.3% higher year over year, due largely to higher pump prices.
Electronics stores posted a sales increase of 0.7% month over month and a year-over-year increase of 2%. Department stores posted a month-over-month sales increase of 0.2% and a year-over-year gain of 0.8%.
A decline in sales of building materials and garden supplies also was a bit of a surprise. Sales fell 1.2% month over month but were 8.8% higher year over year.
Food services and bars saw a sales increase of 0.8% month over month and 3.2% year over year.
Furniture and home furnishings stores sales rose 0.7% month over month and 4.4% year over year. Sporting goods, hobby, book and music stores posted a month-over-month sales increase of 1.5% but a year-over-year drop of 2.5%.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
