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US retail sales rise less than expectations in October

US retail sales rise than expectations in October

U.S. retail sales for October witnessed a less than expected decline, in light of lower consumer spending rates due to the uncertainty associated with the second wave of the Corona pandemic.

The retail sales index for the month of October rose 0.3%, less than expectations of a rise of 0.5%. The reading for September was revised to record an increase of 1.6% from 1.9%.

On the other hand, the core retail sales index increased in October by 0.2% from a previous rise of 1.2%, and the reading was revised from 1.5%, while expectations were for a rise of 0.6%.

The dollar index, which measures the performance of the dollar against a basket of major currencies, recorded a further decline during trading today, touching its lowest level in a week amid the continued negative pressures resulting from tensions of transition of power, in addition to the high number of infections in the second wave of the Corona pandemic.

The dollar index recorded its lowest level today at 92.35, after it opened trading today at the level of 92.46, and it had recorded its highest level today at 92.60.

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