October Retail Sales Beat Expectations

Washington, DC, Nov. 15, 2011 — Retail sales rose broadly in October, according to the Commerce Department.

Total retail sales increased 0.5%, above economists’ forecasts, after rising 1.1% in September.

Consumer spending rose at its fastest pace in nearly a year in the third quarter as households cut back on savings.

Excluding autos, retail sales rose 0.6%, the largest increase in seven months, after advancing 0.5% in September.

Sales from building material retailers increased 1.5%.