Retail sales increased by 0.4% in October, driven by higher auto sales and strong restaurant spending, according to the Commerce Department.
Though slower than September’s 0.8% growth, the data suggests robust consumer spending is sustaining economic growth amid easing inflation.
Holiday shopping is expected to grow 2.5% to 3.5% this year, down slightly from 2023’s 3.9% rise. Analysts remain optimistic despite lingering high prices, as consumer confidence has strengthened.
Retailers like Walmart and Target will report earnings next week, offering more insight into spending trends.
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