US Retail October 2022

Retail sales rose 1.3% m/m in October (Sep: 0.0% m/m). The October reading marked the best reading since February, and was above market expectations. Looking at the details of the release, momentum improved in the automotive, parts retailers, food and beverage, non-store retailers and petrol station sub-sectors.

On an annual basis, retail sales grew 8.3% in October, which is down from September’s 8.6% expansion. Accordingly, the trend pointed downward, with average annual retail sales growth reaching a one-year low of 11.1% in October, down from September’s reading of 11.8%.

FocusEconomics Consensus forecast committee members see private consumption growth of 0.6% in 2023, which is down 0.3 percentage points from last month’s forecast. For 2024, the committee sees private consumption increasing by 1.3%.

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