US retail sales figure in October rose by 0.1 per cent over September on a seasonally adjusted basis and was up by 4.3 per cent over the same month last year, according to the National Retail Federation (NRF). Sporting goods stores showed the strongest increase followed by stores selling clothing and accessories and health and personal care products.
The numbers exclude automobiles, gasoline stations and restaurants, according to a press release from NRF, the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, main street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries.
October sales were up 4.1 percent on a three-month moving average compared with the same period a year ago.
Sales at building materials stores were down from September after a surge that followed late-summer hurricanes, but weather continues to play a role in consumer spending, the release said.
“The uplift in October payroll and income has generated a healthy pace of retail spending and household debt burdens are historically low. Congressional action on tax reform should help boost confidence, but it is important that lawmakers keep up their momentum and not let details of the legislation get in the way of achieving such a long-sought goal,” said NRF chief economist Jack Kleinhenz. (DS)
Fibre2Fashion News Desk – India