US retail sales hit by Hurricane Sandy

US retail sales posted their first drop since June as the effects of Hurricane Sandy were on display, while wholesale prices retreated in October for the first time in five months as energy and vehicle costs declined.

Retail and food service sales fell 0.3 per cent last month following an upwardly revised 1.3 per cent increase in September, the commerce department said. Economists had expected a fall of 0.1 per cent.

The government said the storm that battered the US east coast had both positive and negative effects on October’s sales data, benefiting some businesses over others.

“The impact from Hurricane Sandy, which hit near month end, seems evident and will take time to clarify,” said Steven Wieting, economist at Citi Investment Research. “Food, beverage and personal care store sales rose, while restaurant sales receipts fell, typical of a sales pattern influenced by a natural disaster.”

Read Full Article from Financial Times

- Posted: 2012-11-14 12:57:20

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