Slowing Retail Sales Hints at Slower Q4
Retail sales rose by just +0.3% in October, the smallest increase in six months as the back-to-school mini-spending boom reversed itself. Clothing sales fell -4.2% in October after a +13.6% September gain, while department store sales tumbled -4.6% following a +9.4% increase in September. Vehicle sales rose by just +0.4% last month following a +2.9% advance in September. Gasoline station sales also climbed +0.4% last month after a +2.0% previous month gain. The largest contributor (predictably) were online venders with a +3.1% October increase.