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Retail sales fall again
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November 14, 1997: 10:43 a.m. ET
Weak demand for new cars pushes index down for second straight month
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NEW YORK (CNNfn) - Slower demand for new cars and other durable goods helped push retail sales down in October for the second consecutive month, the U.S. Department of Commerce reported Friday.
Total October retail sales fell 0.2 percent to a seasonally-adjusted $213.7 billion, following a revised decrease of 0.1 percent in September.
Economists had forecast a rise of 0.3 percent.
The bond market reacted positively, with benchmark 30-year Treasurys rising 20/32 to 6.05 percent.
Excluding new car sales, October retail sales increased 0.4 percent following a revised 0.3 percent increase in September.
Initial reports for September showed retail sales gained 0.3 percent, but that number was revised downward, largely because of sluggish new car sales.
General merchandise sales climbed 1.1 percent to $28.01 billion in October. Sales of non-durable goods were up 0.2 percent to $127.14 billion after a gain of 0.4 percent in September.
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