US retail sales surge in October

| November 16, 2010 | 0 Comments

The Commerce Department has revealed US retail sales grew by a better than expected 1.2% last month - this followed an increase of 0.7% in September.

The rise, which was the fourth consecutive monthly gain, was fuelled by an increase in car sales.

Retail sales figures are closely watched because consumer spending accounts for approximately two-thirds of economic output in the US.

On an annualised basis, retail sales are up 7.3%.

The figures will provide a boost the world’s largest economy which looks to be on the road to recovery after the worst recession since the 1930s.

According to the Commerce Department, car sales saw a 5% rise, while sales of building materials and garden equipment grew 1.9%.

Most categories saw strong sales with clothing and clothing accessories stores reporting a rise. Furthermore, sales at sporting goods, hobby and book stores saw their biggest increase since March.

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