United States Retail October 2022

United States

United States: Retail sales post quickest growth since February in October

November 16, 2022

Retail sales increased 1.3% month-on-month in seasonally-adjusted terms in October (September: 0.0% mom). October's print marked the best reading since February, and was above market expectations. Looking at the details of the release, momentum improved in the motor vehicle and parts dealers, food and beverages, non-store retailers and gasoline stations subsectors.

On an annual basis, retail sales grew 8.3% in October, which was below September’s 8.6% expansion. Accordingly, the trend pointed down, with the annual average growth of retail sales coming in at an over one-year low of 11.1% in October, down from September's 11.8% reading.

FocusEconomics Consensus Forecast panelists see private consumption growing 0.6% in 2023, which is down 0.3 percentage points from last month’s forecast. For 2024, the panel sees private consumption increasing 1.3%.


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