WASHINGTON — The value of retail sales rose 0.2% in October and were up 0.1% excluding motor vehicle sales following an upward revision to sales in September, data released by the Commerce Department Wednesday morning shows.
October motor vehicle sales posted a 0.7% gain in the month, a sharp slowdown from the 4.6% jump in the previous month, but still strong.
Excluding motor vehicles, gasoline, and building materials, "core" retail sales were up 0.4%. And for good measure, excluding food services as well as those three measures, retail sales were up 0.3%, suggesting underlying sales growth slowed, but remained positive.
Building materials sales fell 1.2% in October following a 3.0% jump in September, while gasoline store sales fell 1.2% in October following a 6.4% jump in September, both giving back some of their September gains. Food services and drinking places sales were up 0.8% after a 0.1% September rise. Sales were up for most of the other categories, with the exception of a 0.3% decline in nonstore retailer sales.
The retail sales data suggest that fourth quarter consumption started off well ahead of the third quarter average. Incorporating the revisions to August and September, October sales were up 6.0% at an annual rate from the third quarter average. At the same time, sales excluding motor vehicles were up 4.2% from the third quarter, while sales excluding autos, gas and building materials were up 2.8% and sales also excluding food services was up 2.6%.
