US monthly advance sales for retail and food services slows to 0.3%

Advance estimates of U.S. retail and food services sales for October 2020 recorded a 0.3% or $553.3 billion increased from September 2020. It was noted that the advance estimate for the period under review was adjusted for seasonal variation and holiday and trading-day difference, but not price changes.

Excluding automobiles, gasoline, building materials, and food services, retail sales nudged up 0.1% after a downwardly revised 0.9% increase in September. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. They were previously estimated to have risen 1.4% in September.

Notably, October’s retail sales outturn was 5.7% above October 2019. Total sales for August 2020 through October 2020 period increased 5.1% from the corresponding period a year ago. The August 2020 to September 2020 percent change was revised from up 1.9% to up 1.6%.

Retail trade sales went up merely 0.3% from September 2020, and 8.5% above last year. The United States census also reported that, non-store retailers climbed 29.1% from October 2019, while building material and garden equipment and supplies dealers were up 19.5% from last year.



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