U.S. Retail Sales Rise 1.7 Pct In October Amid Surging Inflation

Muhammad Irfan Published November 17, 2021 | 01:40 PM

U.S. retail sales rose by 1.7 percent in October amid surging inflation, the Commerce Department said Wednesday

WASHINGTON, Nov. 17 (UrduPoint / Pakistan Point News - 17th Nov, 2021 ) --:U.S. retail sales rose by 1.7 percent in October amid surging inflation, the Commerce Department said Wednesday.

Retail sales totaled 638.2 billion U.S. Dollars in October, 16.3 percent above October 2020, according to the report.

September's retail sales were revised up from an increase of 0.7 percent to 0.8 percent, the report showed.

Retail sales previously dropped in May after surging in the prior two months, and then declined in July amid a Delta variant-driven COVID-19 surge.

"The 1.7 percent increase in October retail sales bested consensus expectations and sets up holiday sales for another record gain," Tim Quinlan and Shannon Seery, economists at Wells Fargo Securities, wrote in a note.

"But the real insight in today's report is how wallet share is shifting as consumers reprioritize spending amid the highest inflation in 30 years," they continued.