Retail sales rise at a solid pace
WASHINGTON — U.S. retail sales rose at a solid pace in October, though the gains were boosted by one-time factors such as hurricane recovery spending and higher gas prices.
Retail sales rose a seasonally adjusted 0.8 percent last month, following two months of slight declines, the Commerce Department said. Excluding gasoline sales, which were inflated by higher prices, sales climbed 0.5 percent.
The figures suggest that consumers are pulling back a bit on their spending, which is likely to slow growth in the year end.
Americans had lifted their spending over the summer and fall at the fastest six-month pace in four years.
Yet business spending on machinery, computers and buildings barely increased in the July-September quarter, leaving consumers shouldering more of the burden of maintaining growth.