US retail sales fell in October for the first time in seven months

By Bryan Mena, CNN

Washington, DC (CNN) — Americans cut their retail spending in October for the first time since March, with interest rates at a 22-year high.

Retail sales, which are adjusted for seasonality but not inflation, fell 0.1% in October from the prior month, the Commerce Department reported Wednesday. That’s the first monthly decline since March and was a smaller decline than economists were expecting.

October’s decline in retail spending is potentially an early sign of a slowing economy as US consumers get squeezed by higher borrowing costs and they continue to rack up credit card debt.

This story is developing and will be updated.

The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.