U.S. retail sales minus motor vehicles, auto parts and gas grew 10.8 percent year over year in October on a seasonally adjusted basis, according to an advance estimate from the U.S. Census Bureau. A month ago, SCT reported that September’s 10.1 percent year-over-year increase was the largest year-over-year increase ever recorded. The Census Bureau since has revised September’s growth upward to 11 percent. “October’s retail sales were a little softer than expected, but growth is still impressive as it comes after a particularly strong September,” said Moody’s Investors Service vice president Mickey Chadha. “This is in line with our stable outlook for the retail industry, as we expect growth to continue into 2021, and for retailers to leverage this top-line growth into improved profitability as business conditions improve further.”
Sales at restaurants and drinking establishments, which the Census Bureau classifies under a separate category from retail sales, declined 14.2 percent year over year.