Shopper spending accelerated in October as consumers kicked off the holiday shopping season earlier than typical due to the supply chain bottlenecks.
Retail sales, a measure of spending at eating places, shops and on-line, rose 1.7% final month, in accordance to the Commerce Division. Analysts surveyed by Refinitiv had been anticipating a 1.4% improve. The studying was 16.3% above year-ago ranges.
September’s studying was revised up by 0.1 share factors to 0.8%.
“October retail sales development was led by holiday-friendly classes such as nonstore retailers (e-commerce retailers such as Amazon.com) and electronics shops,” mentioned Ted Rossman, senior trade analyst at Bankrate.
Sales at nonstore retailers surged 4% whereas sales at electronics and equipment shops climbed 2.8%.
A 3.9% spike in sales at gasoline stations got here as costs on the pump climbed by greater than 60% from the earlier 12 months to a seven-year excessive.
In the meantime, sales at meals companies and consuming locations had been unchanged.
Retail sales excluding autos rose 1.7% month over month in contrast with the 1% achieve that was anticipated.