US retail sales rose by 1.2 per cent in October, exceeding private-sector expectations of a 0.7-per cent advance and growing at the strongest rate since March 2010, according to a statement from the Commerce Department’s US Census Bureau.
During October – the fourth consecutive month of strong growth in retail sales – food and beverage store sales increased by 0.3 per cent, while restaurant and bar sales also rose 0.3 per cent.
“Today’s retail sales data continue to show improving consumer confidence in the economic recovery,” said US Commerce Secretary Gary Locke.
“Over the past month, we have seen a series of positive economic reports, including new car sales, manufacturing and employment. As we approach the holiday season, private-sector forecasts show that US retailers will see a boost in sales.
“While the data and private-sector expectations are encouraging, we realize there’s still more work to do to help put people back to work in good-paying jobs,” Mr Locke added.
In September 2010, the Buereau said US retail sales rose by 0.6 per cent, essentially matching the revised August gain of 0.7 per cent, and exceeding private-sector expectations of 0.4 per cent.
“Retails sales have shown strong growth over the last three months,” Mr Locke explained at the end of September.“This rising trend signals that consumer spending is expanding and that the recovery is broadening.
“The outlook for sustained growth remains positive, and this administration remains focused on continuing the economic turnaround that has now seen four straight quarters of GDP growth and nine straight months in which the private sector has added jobs.”
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