US retail sales were unchanged in October from September, the Commerce Department said today, in line with forecasts However, excluding traditionally volatile automobile sales, retail sales rose by 0.7pc, the fastest pace in six months and ahead of the 0.2pc increase expected Sales at auto dealerships fell 1.9pc after falling 5.0pc in September as zero percent financing offers ended
Economists had expected only a modest rise in sales in October as consumers curbed spending in reaction to falling equity markets. A measure of consumer confidence from the New York-based Conference Board fell to a nine month low in October. The October sales report presented a mixed picture on retail demands. Clothing, gasoline and department store sales rose while auto dealership, furniture and restaurant and bar sales all posted declines. Separately, the Labour Department reported that new weekly claims for unemployment benefits dropped to 388,000 in the week to 9 October from a downward revised 396,000. The four-week average fell to 396,750 from 403,250, dipping under the key 400,000 level //www.fxcentre.com