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November 15, 2017
Retail sales up 0.2% in October with widespread gains in most sectors
Total retail sales increased 0.2 percent in October. NAFCU Research Assistant Yun Cohen noted widespread gains in most retail sectors but major declines in gasoline stations and building supplies stores.
Declines in those two sectors should be seen as "partially payback for the huge hurricane-related gains in September," she said in a NAFCU Macro Data Flash report Wednesday. Sales at gasoline stations and building supplies stores each decreased 1.2 percent in October.
Data published by the Census Bureau showed that September's sales growth was revised up from 1.6 percent to 1.9 percent, while August's sales were unchanged.
Core retail sales (excluding light vehicles and gasoline) rose 0.3 percent in October; auto and gas sales grew 0.2 percent.
Year-over-year growth in retail sales was 4.6 percent in October, down from 4.8 percent in September. Core retail sales increased 3.9 percent from a year ago, while auto and gas sales rose 6.1 percent.
"Auto dealers reported strong gains for the second consecutive month in October. However, vehicle sales will eventually slow as replacement demand diminishes," Cohen said. "Looking ahead, weather-related distortions will likely continue for the next couple of months, but the underlying trend for consumer spending remains positive in light of a strong labor market and high consumer confidence."
Declines in those two sectors should be seen as "partially payback for the huge hurricane-related gains in September," she said in a NAFCU Macro Data Flash report Wednesday. Sales at gasoline stations and building supplies stores each decreased 1.2 percent in October.
Data published by the Census Bureau showed that September's sales growth was revised up from 1.6 percent to 1.9 percent, while August's sales were unchanged.
Core retail sales (excluding light vehicles and gasoline) rose 0.3 percent in October; auto and gas sales grew 0.2 percent.
Year-over-year growth in retail sales was 4.6 percent in October, down from 4.8 percent in September. Core retail sales increased 3.9 percent from a year ago, while auto and gas sales rose 6.1 percent.
"Auto dealers reported strong gains for the second consecutive month in October. However, vehicle sales will eventually slow as replacement demand diminishes," Cohen said. "Looking ahead, weather-related distortions will likely continue for the next couple of months, but the underlying trend for consumer spending remains positive in light of a strong labor market and high consumer confidence."
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