WASHINGTON: U.S. retail sales increased more than expected in October, boosted by purchases of motor vehicles and a range of other goods, suggesting that consumer spending could help to underpin the economy in the fourth quarter.
The Commerce Department said on Wednesday that retail sales rose 1.3% last month. Data for September was unrevised to show sales unchanged. Economists polled by Reuters had forecast sales accelerating 1.0%, with estimates ranging from as low as a 0.1% drop to as high as a 2.0% jump. Retail sales are mostly goods and are not adjusted for inflation.
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