US retail sales hold up in October

Consumer outlays in America held up better than expected last month.

According to the U.S. Department of Commerce, in seasonally adjusted terms retail sales volumes dipped by 0.1% month-on-month in October to reach approximately $705bn.

Economists had anticipated a decline of 0.3%.

Furthermore, September's increase was revised up by two tenths of a percentage point to 0.9%.

Excluding automobiles and parts sales edged up by 0.1%, as those for cars and parts fell by 1.0%.

Sales of furniture and at home furnishing stores fell by 2.0% on the month.

Non-store retailers however increased by 0.2% while those at food services and drinking places rose by 0.3%.

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