US retail sales remained largely unchanged in October, according to a recent Commerce Department report. The report, which was delayed due to the government shutdown, indicated that the value of retail purchases, unadjusted for inflation, saw virtually no change following a revised 0.1 per cent increase in September. Excluding both auto dealers and gasoline service stations, sales experienced a more robust increase of 0.5 per cent.
While eight out of thirteen retail categories demonstrated growth, the overall figure was tempered by a significant decline at motor vehicle dealerships. Categories with solid gains included department stores and online merchants. Motor vehicles, specifically, fell by 1.6 per cent, partly influenced by the expiration of federal tax incentives on electric vehicles. Additionally, lower gasoline prices contributed to reduced receipts at gas stations.
Control-group sales, a key component in calculating gross domestic product goods spending, saw a notable rise of 0.8 per cent in October. This represents the most substantial increase in this metric in the past four months. The control group excludes food services, auto dealers, building materials stores, and gasoline stations, offering a narrower view of retail performance.
These figures provide a snapshot of consumer spending habits and their impact on the broader economy, highlighting both areas of growth and sectors experiencing contraction.
