US Retail Sales Rise in October

Costco Wholesale Corp and Victoria’s Secret parent L Brands Inc were among the major U.S. retailers to report same-store sales gains for October, but the outlook remained downbeat heading into the holiday season.

Costco on Thursday reported a slightly bigger-than-expected 3 percent gain in sales at stores open at least a year. Fresh food was among its best-selling categories, and consumer electronics was the weakest.

L. Brands said its same-store sales were up 8 percent, well above the 2.2 percent gain Wall Street analysts were expecting, according to Thomson Reuters. The company and other clothing retailers benefited from cool weather that spurred spending at their stores.

Analysts on average expect the Thomson Reuters same-store sales index of nine U.S. retailers that report these monthly results to post a 2 percent gain for October, below the 5.7 percent jump a year earlier.

Gap Inc will report after the market closes.

The 16-day U.S. government shutdown at the start of the month weighed on consumer confidence and slowed job growth. U.S. job growth probably slowed sharply in October, with the unemployment rate ticking higher, according a Reuters survey of economists published this week.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza