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Post by bot on Nov 20, 2013 15:43:44 GMT -5
WASHINGTON (MarketWatch) - Sales at U.S. retailers were somewhat stronger than expected in October despite the government shutdown, as consumers took advantage of good auto deals and spent more on clothes, electronics and hobbies. Retail sales climbed by a seasonally adjusted 0.4% last month or by 0.2% excluding the large auto sector, the Commerce Department reported Wednesday. Economists polled by MarketWatch had expected sales to be flat, with a 0.2% increase in sales minus autos. Retail sales account for about one-third of consumer spending, the main engine of U.S. economic growth. Auto sales jumped 1.3%, sales of clothing rose 1.4% and purchases of books, sporting goods and other hobby items advanced 1.6%. Because of falling gasoline prices, consumers spent less on fuel and sales at suppliers of building materials like Home Depot fell 1.9%. In September, retail sales were revised up from a 0.1% decline to unchanged. Over the past year retail sales have risen at a modest 3.9% pace, less than the 6.3% annual average in the U.S. going back to 1980.
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