US Retail Sales Rise in October

US Retail Sales rose by 1.7% MoM in October, according to data published by the US Census Bureau showed on Tuesday. That was above market expectations for a MoM rise of 1.2% and above the (upwardly revised from 0.7%) 0.8% MoM gain seen in September. Core sales also rose by 1.7% in October, above expectations for a 1.0% rise and higher than September’s 0.7% MoM rise (which was revised lower from 0.8%). The Retail Control, which is most highly correlated to the consumer spending component in US GDP data, rose 1.6% MoM, well above expectations for a 0.9% rise and above last month’s 0.5% MoM reading, which was downwardly revised from 0.8%.