US retail sales fell less than forecast in October, in a sign of consumer’s relative resilience, even as several big retailers acknowledged economic pressure is crimping spending ahead of the holiday season.
Retail sales, which include spending on food and petrol, fell 0.1 per cent last month, the Census Bureau said on Wednesday, spurred in part by a price-related drop in spending on petrol. Although it was the first monthly decline since March, the figure was less than economists’ forecasts for a 0.3 per cent decline and September’s increase was revised higher to 0.9 per cent.
The retail control group, which excludes building materials, motor vehicle parts and petrol station sales, rose 0.2 per cent, matching economists’ expectations. September’s figure was revised up to 0.7 per cent.