US retail sales increased 0.3% in October, coming in below the consensus economist estimate of 0.5%.
The reading still marks a sixth straight monthly improvement, although its still a sizable drop from September's 1.6% expansion.Americans spent less at retailers than expected in October as the economic recovery decelerated amid a worsening pandemic. The October report does, however, mark the sixth straight jump in retail spending since consumer spending froze in April. Stimulus measures including the $2.2 trillion CARES Act fueled a V-shaped rebound through the summer as households' balance sheets were bolstered by direct payments and expanded unemployment benefits. Spending still sits well above pre-pandemic levels, but the mild pace of improvement signals its recent strength might be waning.
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