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US retail sales rebound in October

US retail sales rebound in October

Mubasher: Initial reading indicated that US retail sales rose by 0.3% in October, on a seasonally adjusted basis, official data showed on Friday.

Retail sales, a gauge of purchases at stores, at restaurants and online, recorded $526.5 billion last October, rising from a revised $525.2 billion in the previous month, the US Census Bureau said.

This came after a decline of 0.3% recorded in the revised reading for September.

Sales rose by 0.5% for car dealers, while sales at gasoline stations surged by 1.1%.

Sales declines were seen at clothing stores, sporting goods sellers and food services providers.

On an annualised basis, total retail sales climbed by 3.1% last September.

Stripping out gasoline and automobile dealer receipts, the so-called core retail sales rose by 0.1% in October.

By 1:34 pm GMT, the US dollar index blipped down by 0.05% to 98.1160.