Retail Sales Jump More Than Expected To A Two-Year High

by MR Magazine Staff

Retail sales rose more than expected in October, according to a Department of Commerce report Tuesday. Sales rose 0.8% month-on-month, topping the forecast for a 0.6% rise. And compared to a year ago, sales rose 4.3%, a two-year high. This monthly report provides a pulse reading on consumer spending, which is the most important driver of US economic growth. The month-on-month increase was led by higher spending on gas and at online retailers like Amazon. Furniture stores, brick-and-mortar department stores, restaurants, and bars were the only places where declines from September were recorded. Read more at Business Insider.