US retail sales up 0.4% in October, above forecasts

Figure increases 2.8% year-on-year, according to Commerce Department

By Tuba Ongun

US retail sales rose 0.4% to reach $718.9 billion October, beating market estimates, according to advance figures released on Friday by the US Commerce Department.

The figure was above market forecast of a 0.3% gain and accelerated from September's upwardly revised 0.8%.

Sales of electronics and appliance stores (2.3%), auto dealers (1.9%), and food services and drinking places (0.7%) enjoyed the largest monthly hike in October.

On the other hand, sales dropped at miscellaneous store retailers by 1.6%, furniture stores by 1.3% and sporting goods, hobby, musical instrument, and book stores by 1.1%.

On an annual basis, retail sales grew 2.8% in October following 2% in the prior month.

"Total sales for the August through October period were up 2.3% from the same period a year ago," the agency said in a statement.

The gains indicate that consumer demand remains high in the world's largest economy.

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