Retail Sales Slip in October as Consumers Pull Back After Summer Splurges

Published on November 16, 2023

NEW YORK—Americans cut back on retail spending in October, ending six straight months of gains, though the decline was partly driven by falling prices for both gasoline and cars. Retail sales fell 0.1 percent last month after jumping a strong 0.9 percent in September, according to a report released Wednesday by the Commerce Department. September’s figure was revised higher from an initial 0.7 percent gain. Excluding sales of gas and autos, retail sales ticked up 0.1 percent. The figures reflect a slowdown in consumers’ willingness to spend after a blowout summer. Consumer spending jumped in the July–September quarter, but economists forecast it will slow in the final three months of the year, as credit card debt—and delinquencies—rise and average savings fall....

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