World News | Retail Sales Grew a Slower-than-expected 0.3% in October
Get latest articles and stories on World at LatestLY. Retail sales in the US grew a slower-than-expected 0.3% in October, even as retailers offered early holiday discounts online and in stores.
New York, Nov 17 (AP) Retail sales in the US grew a slower-than-expected 0.3% in October, even as retailers offered early holiday discounts online and in stores.
Analysts had expected the number to rise 0.5%. October's growth was much smaller than in September, when it rose 1.6%, the US Commerce Department said.
Best Buy, Target and Walmart offered holiday deals in mid-October for the first time, following Amazon which held its annual Prime Day sales event in the fall this year after it was postponed from July due to the virus.
The hope was that the October deals will jumpstart holiday shopping early and keep crowds away from their stores closer to Christmas, avoiding a potentially dangerous situation during a pandemic.
Also Read | Mouthwash Can ‘Kill COVID-19 Virus Within 30 Seconds in Lab’, Finds Cardiff University Study.
Tuesday's retail sales report is the sixth straight month of growth. Retail sales plunged in the spring after stores and malls were ordered closed to help prevent the spread of the coronavirus. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)