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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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MNI DATA IMPACT:US Oct Retail Sales Rise 0.3%; Slowest in 1 Yr
The pace of U.S. retail sales slowed markedly in October, rising by a weaker-than-expected 0.3%, marking the smallest monthly increase since October 2019, according to figures published Tuesday by the Census Bureau.
Financial markets had expected sales to grow by 0.6%, and September sales were also downwardly revised to a 1.6% increase from the much stronger-than-expected 1.9% gain that was reported last month. Still, headline retail sales are up 5.7% from a year earlier.
Motor vehicle sales rose 0.4% in October, slowing from a 2.9% increase in September. From a year earlier, vehicle sales were up 10.7%. Excluding vehicle sales, retail sales rose 0.2%.
Gas station sales rose modestly in October, up 0.4% following a 2.0% increase in September. Gasoline sales are still down 14% from year-ago levels. Excluding gas station sales, retail sales were up 0.2% in August. Excluding motor vehicle and gas station sales, total sales rose 0.2%.
Restaurant spending fell 0.1%, the first decline since April and a sign that the newest surge in cases is weighing on the recovery.
STORE CLOSURES
Sales growth through the month was mostly concentrated in sales at nonstore retailers, including online marketplaces, which were up 3.1% in October and a whopping 29.1% from a year earlier. U.S. consumers are leaning more heavily on online shopping as renewed Covid fears and business restrictions keep them at home, but e-commerce makes up only a fraction of the market, and won't be enough to buoy sales through the winter if physical stores close.
Roughly 52% of consumers surveyed by the Conference Board in October said they planned to make at least half of their holiday purchases online this year versus 42% in 2019.
Electronics and appliance store sales were also strong in October, growing 1.2% following a 1.1% decline in September. Sales were still down 3.9% from year-ago levels.
Sales at building material and garden equipment stores were up 0.9% in October after a 0.4% gain in September. From a year earlier, sales were up 19.5%.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.