U.S. Retail Sales Rebound Sharply In October

by MR Magazine Staff

U.S. retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, likely driven by rebuilding efforts in areas devastated by Hurricane Florence. The Commerce Department said on Thursday retail sales increased 0.8 percent last month also as households bought electronics and appliances. Data for September was revised down to show retail sales slipping 0.1 percent instead of nudging up 0.1 percent as previously reported. Economists polled by Reuters had forecast retail sales increasing 0.5 percent in October. Retail sales in October rose 4.6 percent from a year ago. Read more at CNBC.