WASHINGTON - Retail sales rose 1.4% in October, larger than economists estimated, aided by strong auto sales, the Commerce Department reported today.
Purchases excluding autos increased 0.2% for the month while sales at motor vehicle and parts dealers jumped 7.4%, the largest monthly increase since August.
Economists polled by Thomson Reuters expected retail sales to increase 0.9% in October and for sales excluding autos to increase 0.4%, according to the median estimate.
October sales were down 1.7% from a year ago.
Sales in September were revised to a 2.3% decline from the 1.5% decline initially reported. Sales fell in September following the expiration of the federal “cash for clunkers” program. Sales excluding autos were revised to a 0.4% gain, down from the 0.5% rise initially reported.
