U.S. Retail Sales Growth Falls Short of Projections

U.S. retail sales were lower than expected last month but recovered from the prior month's 0.2% slide.

The Commerce Department said on Friday retail sales south of the border rose 1.6%, less than the 1.7% economists, the biggest increase in two-and-a-half years, which reflected higher gasoline prices after Harvey disrupted production at oil refineries in the Gulf Coast.

Last month’s increase in retail sales was the largest since March 2015. Data for August was revised to show sales slipping 0.1% instead of the previously reported 0.2% drop.

Retail sales increased 4.4% on an annual basis. Economists had forecast retail sales jumping 1.7% in September.