U.S. retail sales rose in October for a third month. The value of overall retail purchases increased 1.7% last month, the most in seven months, the Commerce Department said today, November 16. Excluding gas and motor vehicles, sales gained 1.4% in October. The figures aren’t adjusted for inflation.
The median estimate in a Bloomberg survey of economists called for a 1.4% advance in overall retail sales.
According to the Commerce Department, 11 of 13 categories registered sales increases. Electronics and appliance stores saw a big surge in sales, as did building materials stores and non-store retailers, which include e-commerce.
The larger-than-forecast gain may also reflect the pulling forward of holiday shopping as gift-buyers race to beat shipping delays.
This morning Walmart WMT) and Home Depot (HD) also reported strong. Comparable sales at Walmart in the latest quarter exceeded forecasts while Home Depot reported stronger-than-expected results.
Stocks are up on the retail news.
As of 1 p.m. New York time, the Standard & Poor’s 500 is up 0.62% and the Dow Jones Industrial Average is ahead 0.57%. The NASDAQ Composite gained 0.74% and the NASDAQ 100 climbed 0.75%.
Oatly (OTLY) rebounded (somewhat) from yesterday’s 20% drop to rise 6.95%. Li-Cycle Holdings (LICY) continued its climb with a gain of 2.19%. Macy’s (M) moved up 3.64% on the retail news. WalMart itself fell 2.80% on its report of same store sales but Home Depot gained 5.78% on beating expectations.
