U.S. October retail sales 0.4% month-on-month ↑...better than expected

The U.S. Commerce Department said U.S. retail sales rose 0.4% month-on-month to $718.9 billion in October.

That beat the Dow Jones tally expert forecast, which expected a 0.3% month-on-month increase, and was up 2.8% from a year ago.

Retail sales above market expectations suggest U.S. consumption remains robust despite concerns about a slowdown.

Wall Street has forecast that private consumption could slow in the wake of prolonged high interest rates, slower wage growth and households running out of excess savings.

The monthly retail sales indicator is a breaking news statistic that mainly compiles product sales performance among total consumption and is considered a gauge of changes in consumption, the backbone of the U.S. economy.