Retail Growth Slows


By Donald Applegarth

U.S. retail sales rose less than expected last month as consumers remained cautious about spending the windfall of lower gas prices. The Commerce Department said that retail sales rose 0.1% last month, after no change in September.  Seven of 13 major retail categories showed gains last month, led by building-material stores, restaurants and non-store merchants, which include Internet sales. Receipts at gasoline stations dropped 0.9% after falling 4% in September, pushing the value of sales over the past 12 months down 20.6%. There was also a surprise 0.5% fall in sales at car dealerships, after a 1.4% increase in September. The weaker retail sales figures heightened concerns that consumer spending, which has underpinned U.S. growth this year, may be slowing going into the 4th quarter. 

Read about the services that Schneider Downs offers the retail industry on our Retail Industry Group webpage.

Source: The Private Bank

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