October retail sales come in strong, especially auto sales

Via Censue Bureau:

The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for October, adjusted forseasonal variation and holiday and trading-day differences, but not for price changes, were $373.1 billion, an increase of 1.2% from the previous month, and 7.3% above October 2009. Total sales for the August through October 2010 period were up 6.3% from the same period a year ago. The August to September 2010 percent change was revised from+0.6% to +0.7%.

Retail trade sales were up 1.3% from September 2010, and 7.7% above last year. Auto and other motor vehicle dealers sales were up 14.7% from October 2009 and nonstore retailers sales were up 13.5% from last year.

These figures are strong.  For those expecting a major double dip, they are a big surprise.  The world is on the path to recovery.  Although it is not strong enough to mop up the unemployment numbers, it is still positive nonetheless.  The one caveat that I would put out there is that if you take out auto sales, the figures would be in line with expectations.  Auto Sales were especially strong, increasing 5.3% over the previous month



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