US October retail sales affirm strength of economy

Washington | US retail sales increased slightly more than expected in October as households boosted purchases of motor vehicles and electronic goods, suggesting the economy kicked off the fourth quarter on a strong note.

The fairly upbeat sales report on Friday (Saturday AEDT), which was accompanied by sharp upward revisions to September’s data, together with news of a rebound in import prices last month prompted traders to pare back expectations that the Federal Reserve would cut interest rates in December. Fed chairman Jerome Powell said on Thursday “the economy is not sending any signals that we need to be in a hurry to lower rates”.

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Reuters