US retail sales return to growth in October despite shutdown

US retail sales are up again in October, and well ahead of analyst estimates. They jumped by 0.4 per cent, after seeing no growth last month (revised up from a 0.1 per cent fall).

Paul Dales, senior US economist at Capital Economics, says that the number is "a very decent result at a time when the Federal government was shut down" and that "it suggests that real consumption growth will accelerate in the fourth quarter".

Economists had forecast growth of just 0.1 per cent. Excluding automobiles, retail sales grew by just 0.2 per cent, down from 0.3 per cent growth last month (revised down from 0.4 per cent).