Retail Sales Continue to Rise

The Commerce Department reported(.pdf) that U.S. retail sales rose 0.5 percent in October following an increase of 1.1 percent in September, more evidence that, while Americans may take a dim view of their current condition, it hasn’t stopped them from spending.

Excluding autos, retail sales rose 0.6 percent last month and gains were broad based as 10 of the 13 major categories saw higher sales. Electronics sales surged 3.7 percent after a jump of 3.5 percent the month prior while sales at home improvement stores rose 1.5 percent and sporting goods sales gained 1.1 percent.

Clothing sales fell 0.7 percent and gasoline station sales dropped 0.4 percent as lower energy prices made their way to end consumers, however, given the recent rebound in oil prices, that trend could quickly reverse.