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U.S. retail sales miss forecasts in September

Staff Writer |
The U.S. consumer reined in spending sharply last month and economists believed a further slowdown was on the cards.

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According to the Department of Commerce, total retail sales volumes edged up by 0.1% month-on-month in September to reach $509.0bn, falling short of economists' forecasts for an increase of 0.7%.

Sales excluding automobiles and parts meanwhile dipped by 0.1% on the month, although if gasoline was also left out then they rose by 0.2% to roughly $342bn.

The biggest gains in sales in September were seen in those of Electronics and Appliance stores, which grew by 0.9% versus August, and in sales of Furniture and Home Furnishings, which increased by 1.1%.

Sales of Motor vehicles & Parts meanwhile were up by 0.8%, alongside a gain of 0.7% in those at Sporting Goods and Hobby stores.

Gasoline station sales on the other hand declined by 0.8% over the month, as did those at department stores.

In comparison to one year ago, retail sales were 4.7% higher.

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