US retail sales fell for the first time in seven months in October as petrol prices fell, but underlying measures of spending still indicated the American consumer remained in reasonable economic health.
Sales, which include spending on food and petrol, fell 0.1 per cent last month, the Census Bureau said on Wednesday. That was stronger than the 0.3 per cent decline economists forecast, and September’s increase was revised higher to 0.9 per cent.
A price-related drop in spending at petrol stations was a main reason behind the fall, though spending on discretionary categories like furniture, vehicles, and department stores declined.
The retail control group, which excludes building materials, motor vehicle parts and petrol station sales, rose 0.2 per cent, matching economists’ expectations. September’s figure was revised up to 0.7 per cent.
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