IE Business Daily Business news for the Inland Empire.
U.S. retail sales made a comeback in October, posting monthly and year-over-year gains, according to the National Retail Federation.
Total sales last month – not counting automobile and gasoline sales – were up 0.6 percent seasonally adjusted month-over-month and up five percent unadjusted year-over-year in October, the federation reported.
In September, those numbers were 0.6 percent month-over-month and an increase of 5.4 percent year-over-year, respectively.
“Retail sales grew in October as consumers geared up for the holiday season,” said Matthew Shay, the federation’s president and chief executive officer, in a statement. “Recent economic data has been mixed, yet consumer spending remains solid.”
Core retail sales – excluding restaurants along with automobile dealerships and gasoline stations – were up 0.6 percent month over month in October, and 4.9 percent year-over-year.
Total sales were up 5.1 percent year-over-year for the first 10 months of the year and core sales were up 5.2 percent, according to the federation.
