Retail sales fell 0.3% in October, which was slightly more than expected. But Sandy takes much of the blame for this one as the superstorm negatively impacted auto sales. If you back out autos, retail sales were unchanged last month.
While this was the first monthly decline for retail sales in 4 months, sales were still up 3.8% from the same month last year. And September's sales were revised up to a 1.3% increase.
Take a look at this chart from Calculated Risk Blog showing U.S. retail sales since 2006:
You can see that we have rebounded nicely from this summer's 3 month slump. And with consumer confidence at a 5-year high, I don't expect October's decline to start a new trend downward.
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