Retail sales fell 0.1% last month after jumping a strong 0.9% in September, according to a report released Wednesday by the Commerce Department.
Excluding sales of gas and autos, retail sales ticked up 0.1%.
“The October retail sales report was stronger than expectations, but confirmed a slowdown in consumption,” Ellen Zentner, chief U.S. economist at Morgan Stanley, wrote in a note to clients.
Restaurants and bars reported a 0.3% sales increase, though that was much lower than September's 1.6% gain.
The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including health care, travel and hotel lodging.
Persons:
“, ” Ellen Zentner, Morgan Stanley
Organizations:
Commerce Department, Consumer, Walmart, Target, Federal Reserve, National Retail Federation
Locations:
U.S, Europe, United States