October Retail Sales Disappoint

Consumer spending slowed in October, as evidenced by weaker than expected sales at retailers across the country. The Commerce Department reported that Retail Sales in October rose by a scant 0.1 percent, below the 0.3 percent expected. Sales at gas stations, auto dealers and grocery stores declined. Cheaper gas prices haven't been able to propel consumer spending higher. Savings at the pump could be taking a detour and are being spent on rent costs, which continue to increase.