US retail sales rose in October as a strong job market and falling energy prices fueled early holiday shopping.
Revenue rose 0.4% from the previous month to $718.9 billion — adjusted for seasonal variation — according to data the US Census Bureau released last week. That figure builds on September’s 0.8% increase to $716 billion amid a reduction in inflation.
“October’s pickup in retail sales shows a healthy pace of spending as many consumers got an early start on holiday shopping,” said Jack Kleinhenz, chief economist for the National Retail Federation (NRF). “October sales were a good early step forward into the holiday shopping season, which is now fully underway. Falling energy prices have likely provided extra dollars for household spending on retail merchandise.”
Sales climbed 2.8% from a year earlier, up from September’s 2% year-on-year increase, the NRF noted. Retail sales improved 3.5% year on year in the first 10 months.
October sales grew year on year in seven of the nine retail categories the NRF monitors, up from five last month. The clothing and accessories segment — which includes jewelry — fell 1% compared to September but rose 9% versus the same period a year ago. Online sales saw the largest year-on-year gain, going up 19%, while the electronics and appliances and the sporting goods, hobby, music and bookstores divisions both fell.
Image: People at a shopping mall. (Shutterstock)
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