WASHINGTON - Retail sales jumped 1.2% in October, well above economists’ estimates, the fourth consecutive monthly gain and the largest since March, the Commerce Department reported Monday.
Excluding auto sales, retail sales increased 0.4% as motor vehicle sales jumped 5.0% for the month, the largest gain since March. Excluding auto and gasoline sales, retail sales increased 0.4% for the month.
Total retail sales for September were revised higher to a 0.7% gain from the 0.6% rise reported last month. Sales for August were also revised higher to a 0.9% gain from the 0.7% increase initially reported.
Economists expected retail sales would increase 0.7% and sales excluding autos would increase 0.4%, according to the median estimates from Thomson Reuters.
Building equipment and garden suppliers also saw strong sales gains for the month. The category increased 1.9%, its largest gain since April. Excluding building equipment, auto and gasoline sales, retail sales increased 0.2%.
Consumer spending, which accounts for about 70% of U.S. gross domestic product, increased 2.6% in the third quarter, the largest quarterly gain since 2006.
