Retail Sales increased by 1.2% in October, the largest increase recorded in seven months, to $373.1 billion annualized, higher than the expected increase of 0.7%, following an increase of 0.6% in September, (revised upwards from a 0.4% increase), after increasing by 0.7% in August. Over the past year, retail sales volume has expanded by 7.3%. Motor vehicles and parts dealers experienced a 5.0% increase in sales, after a 1.5% increase in September. Sporting goods, hobby, book and music stores witnessed a 1.0% increase in sales. Gasoline stations reporting a 0.8% increase in sales after recording a 1.2% increase last month as did sales at non-store retailers, which includes internet retailers. Clothing and accessories stores increased 0.7% after a decrease of 0.4% last month and food and beverage stores sales increased by 0.3% after rising by 1.3% in September. Sales at food services and drinking places increased 0.3% while sales at general merchandise stores increased 0.2% from 0.1% last month. Sales at health and personal care stores fell by 0.1%, while sales at electronics and appliance stores and sales at furniture and home furnishing stores both fell 0.7%. Retail Sales excluding autos increased by 0.4% in October, matching expectations, after increasing by 0.4% in September (revised upwards from a 0.3% increase) and by 1.0% in August.
Business Inventories are expected today at 10:00 AM EST. Business Inventories increased by 0.6% in August to $1,386.5 billion, and were 4.7% more than August 2009 levels. The inventories/sales ratio was 1.27 at the end of August, compared to 1.31 recorded a year ago.
Upcoming Releases
Business Inventories (11/15 at 10:00 AM EST)
PPI (11/16 at 8:30 AM EST)
Net Foreign Purchases (11/16 at 9:00 AM EST)
Industrial Production (11/16 at 9:15 AM EST)
