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CHART OF THE DAY: Retail sales rose 0.3% in October, the slowest increase in six months

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Retail sales in the United States grew at a 0.3% monthly rate in October, slower than analysts’ expectations of 0.5% and the slowest rate in six months. Yet there was still an increase for the month of 7.1% year over year overall and 5.3% year over year excluding autos, the Commerce Department reported on Tuesday.

Some of the biggest gains in September had reversals, including clothing, which declined 4.2% month over month after gaining 13.6% in September. Clothing fell 11.3% year over year. Department store sales also reversed September’s gains, falling 4.6% on the month versus the 9.4% gain in September. On a year-over-year basis, department store sales fell 9.9%.

A bright spot in the report were nonstore retailers, which continued to show strong improvement year over year with an increase of 26.3% as consumers continued to shift their purchases online.

For more information on how the coronavirus is affecting midsize businesses, please visit the RSM Coronavirus Resource Center.

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About Seth Bacon

@SethTBacon

Seth is a senior analyst specializing in consumer products for RSM US LLP in the Seattle office. He has more than 10 years of experience serving clients across the country by providing industry- specific insights and thought leadership focused on digital transformation. He has worked with a variety of clients in the consumer products industry helping them focus on acquiring and retaining customers through data driven insight.

In May 2020, Seth was selected as a senior analyst in RSM’s cutting-edge Industry Eminence Program, which positions its senior analysts to understand, forecast and communicate economic, business and technology trends shaping the industries RSM serves. These senior analysts advise clients on conditions influencing middle market leaders.

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