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U.S. Retail Sales Continue Streak of Annual Gains in October
U.S. retail sales rose 1.7% month-over-month and 16.3% year-over-year to $638.2 billion in October, the U.S. Census Bureau said Tuesday. October’s increases beat analysts’ expectations for monthly growth and continued a streak of annual gains each month since June 2020.
“October’s numbers highlight the retail industry’s ongoing hardiness now that we’re in the fourth quarter,” said Jack Kleinhenz, the National Retail Federation’s chief economist. “Consumers remain in high gear moving into the last months of the year.”
He added that the figures reflect “the combined effects of Halloween and early holiday shopping. Even though consumers may have begun shopping early to avoid inventory shortages, November and December are still when they do most of their holiday shopping, so much remains ahead of us.”
Kleinhenz cautioned that COVID-19 “remains a significant factor should there be an increase in coronavirus infections that could cause a pullback in spending.”
- ◦Economy
