Retail sales growth slowed again in October, according to data released by the U.S. Department of Commerce Friday, driven by tepid gains at department and specialty stores. The news underscored the current consumer spending slump and tempered the outlook for the upcoming holiday season.
Total adjusted retail sales rose by 1.7% compared to last October, to $447.3 billion, lower than last month’s 2.4% gain and less than economists had hoped for. On a 12-month smoothed basis, sales were up by 2.7%.
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