Retail sales in U.S. jump 0.5% in October

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Retail sales in U.S. jump 0.5% in October (by Jeffry Bartash)

WASHINGTON (MarketWatch) - U.S. retail sales climbed 0.5% in October as Americans continued to spend at an accelerated pace, according to Commerce Department data. Economists surveyed by MarketWatch expected an increase of 0.2% on a seasonally adjusted basis. The rise in retail sales was driven by higher purchases at internet stores such as Amazon and electronics and appliance stores such as Best Buy. Sales of autos rose just 0.4% after a big surge in September while gasoline sales fell. Excluding the auto sector, retail sales increased 0.6%, compared to the MarketWatch forecast calling for a 0.1% gain. Sales for September, which were originally reported as up 1.1%, were unchanged. Over the past 12 months, retail sales have risen 7.2%.

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