US retail sales bounce back from seven-month low
September’s level of spending had been weak
An earnings report from the US’s largest retailer, Walmart, suggested the consumer was in solid shape.
US retail sales recovered by more than expected in October, lifting from a seven month-low and reflecting the continued resilience of American shoppers this year.
Overall retail sales rose 0.3 per cent last month, commerce department data on Friday showed, marking an improvement from September’s unexpected 0.3 per cent contraction, which was the weakest level of spending since February. Economists had forecast a monthly increase of 0.2 per cent.
The latest data may also reflect any positive flow-on impact from the Federal Reserve’s decision to begin lowering borrowing costs over the summer, and also follow an earnings report from the US’s largest retailer, Walmart, that suggested the consumer was in solid shape. – Copyright The Financial Times Limited 2019