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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.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
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