Retail sales for the month of October rose above expectations and jumped the most since March, according to the Commerce Department’s data on Monday.
The figures revealed that retail sales across the US rose 1.2 percent, exceeding expectations by 0.7 percent. A 5 percent increase in auto sales was one of the main factors driving the spike.
“Today’s retail sales data continue to show improving consumer confidence in the economic recovery,” Commerce Secretary Gary Locke said in a statement.
This marks the fourth month in a row in which retail sales increased. In September, sales rose by 0.6 percent, according to government data.
“Over the past month, we have seen a series of positive economic reports, including new car sales, manufacturing and employment,” Locke added.
MarketWatch and the Wall Street Journal both surveyed economists and said retail sales for the month would increase by 0.4 percent. MarketWatch noted that sales between August and October have increased 6.3 percent compared with the same period in the previous year.
“As we approach the holiday season, private-sector forecasts show that U.S. retailers will see a boost in sales,” Locke stated. “While the data and private-sector expectations are encouraging, we realize there’s still more work to do to help put people back to work in good-paying jobs.”
The Journal reported that Macy’s earned a $10 million profit at the end of the third quarter which ended on Oct. 30. In the previous period in 2009, the company experienced a $35 million net loss.
The figures revealed that retail sales across the US rose 1.2 percent, exceeding expectations by 0.7 percent. A 5 percent increase in auto sales was one of the main factors driving the spike.
“Today’s retail sales data continue to show improving consumer confidence in the economic recovery,” Commerce Secretary Gary Locke said in a statement.
This marks the fourth month in a row in which retail sales increased. In September, sales rose by 0.6 percent, according to government data.
“Over the past month, we have seen a series of positive economic reports, including new car sales, manufacturing and employment,” Locke added.
MarketWatch and the Wall Street Journal both surveyed economists and said retail sales for the month would increase by 0.4 percent. MarketWatch noted that sales between August and October have increased 6.3 percent compared with the same period in the previous year.
“As we approach the holiday season, private-sector forecasts show that U.S. retailers will see a boost in sales,” Locke stated. “While the data and private-sector expectations are encouraging, we realize there’s still more work to do to help put people back to work in good-paying jobs.”
The Journal reported that Macy’s earned a $10 million profit at the end of the third quarter which ended on Oct. 30. In the previous period in 2009, the company experienced a $35 million net loss.
