Retail sales south of the border increased less than expected in October and could slow further, restrained by spiraling new Covid-19 infections and declining household income as millions of unemployed Americans lose government financial support.
Figures released Tuesday by the U.S. Commerce Department revealed tills at retail sales rang 0.3% more frequently last month. Data for September was revised down to show sales surging 1.6% instead of shooting up 1.9% as previously reported. Economists polled by Reuters had forecast retail sales would gain 0.5% in October.
Excluding automobiles, gasoline, building materials and food services, retail sales nudged up 0.1% after a downwardly revised 0.9% increase in September. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. They were previously estimated to have risen 1.4% in September.
Daily new coronavirus cases have been exceeding 100,000 since early this month, pushing the number of infections in the United States above 11 million. Some state and local governments have imposed new restrictions on businesses.
Related Stories
