US retail sales fall 0.1% to $705B in October

Retail sales up 2.5% on annual basis

By Ovunc Kutlu

ISTANBUL (AA) - US retail sales decreased 0.1% to $705 billion in October, according to advance figures released Wednesday by the Commerce Department.

The market estimates for the figure were to show a 0.3% decline, while the September figure was revised to $705.7 billion for a gain of 0.9%.

On an annual basis, retail sales were up 2.5% in October, compared to the same month of last year.

Retail sales in September showed an annual increase of 4.1%.

"Total sales for the August 2023 through October 2023 period were up 3.1 percent from the same period a year ago," the Commerce Department said in a statement.

"The August 2023 to September 2023 percent change was revised from up 0.7 percent to up 0.9 percent," it added.

The strong annual figures indicate that consumer demand remains strong in the world's largest economy.

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