Dive Brief:
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Consumers loosened their wallets a bit in October, sending retail sales, minus gas, autos, building materials, and food sales, up .5%, the biggest rise since August and beating expectations of a .4% increase, according to the U.S. Department of Commerce.
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Overall retail sales grew .3%, subdued somewhat by gas prices that dropped 1.5%, beating expectations of a .2% increase, according to the report released Friday.
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October apparel sales rose .5%; sporting goods, hobby, book, and music sales rose 1.2%; and electronics and appliance sales fell 1.6%. Numbers for September overall retail sales remain unrevised, according to the report.
Dive Insight:
Retail sales make up a third of consumer spending, and October, boosted perhaps by falling gas prices and stronger employment, saw a small boost that economists say nevertheless bodes well for the economy and future spending. It's a good sign for retailers at the holidays, though several retailers have reported muted sales figures for Q3. Continued falling gas prices are expected to continue to help free up spending.