[ad_1]
The retail sales report suggests the most important growth in the growth of the economy, but the economy is still weakening.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew faster in the third quarter. The economy grew at a 3.5 percent annualized rate in the July-September quarter.
October's strength in retail sales well ahead of the holiday shopping season. The Commerce Department said it could not isolate the impact of Florence Hurricane, which lashed North and South Carolina in mid-September, on retail sales.
However, auto sales jumped 1.1 percent. Auto sales fell 0.1 percent in September. Sales at building materials stores surged 1.0 million in October, probably boosted by rebuilding efforts in areas affected by Florence.
At 0.5 percent after climbing 0.8 percent in September. Online and mail order rose 0.4 percent in October after rising 1.3 percent in the prior month.
Receipts at furniture stores fell 0.3 percent. Receptors at service stations rose 3.5 percent, likely reflecting higher gasoline prices.
Spending at hobby, musical instrument and rose book store 0.5 percent last month. But spending at restaurants and bars 0.2 percent after dropping
WATCH:Here's how Target is making a comeback
Source link