US retail sales rose a record 7.1 per cent in October, helped by big incentives that spurred automobile sales, the US Commerce Department said today.
The record increase in October retail sales was the strongest since Commerce began compiling data on its current basis in 1992.
The rise in October retail sales was higher than expected on Wall Street, where economists expected a two per cent rise.
Excluding autos, retail sales were up 1 per cent in October, also stronger than expected.
In September, retail sales were revised to a 2.2 per cent fall, compared with the initial estimate that sales were down 2.4 per cent.
Year-on-year, retail sales in October were up 7.5 per cent.
Retail sales in nearly all categories rose in October, only partly offset by a drop in sales at gasoline stations and furniture stores. The rise in sales last month was driven by record auto sales and a rebound in retail activity from September, when retail sales slumped after the attacks on the World Trade Center and Pentagon.
Sales at auto dealerships rose 26.4 per cent in the month after falling 4.5 per cent in September. This is a record increase in auto sales since Commerce began compiling data on its current basis in 1992.
AFP