increasing effect
Meanwhile, Target Corp. has warned of a downturn in shopping and “visitor buying behavior is increasingly impacted by inflation, rising interest rates and economic uncertainty,” CEO Brian Cornell said Wednesday. in a statement.
In excess, many retailers have implemented deep discounts in an effort to get rid of their stock for the crucial holiday season. Sales in clothing stores were little changed, while sales in department stores decreased by 2.1%.
Other consumer categories such as electronics and sporting goods also declined, indicating a reversal of price declines and weaker retail demand.
Other than not raising prices, the retail sales report reveals only a small fraction of what Americans spend on services. A more detailed picture of household demand in October, including both services spending and inflation-adjusted data, is expected to be released in two weeks.
Sales excluding food services, auto dealerships, building material stores and gas stations, which are used to calculate gross domestic product, rose 0.7% in October, the largest increase in four months.
