Robust Consumer Spending Keeps Fed Tightening in Play
U.S. retail sales climbed by +1.3% in October, topping the +1.0% median forecast with the largest monthly increase since January. Vehicle sales rose +1.3%, while gas station sales (reflecting higher pump prices) increased by +4.1% during the month. These two categories accounted for roughly half of the overall gain. When gas and autos are excluded, sales were up +0.9%, easily topping the +0.2% ex gas and auto forecast.