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"The economy is showing some resilience at this point which is encouraging"
- Sean Incremona, an economist at 4CAST
U.S. retail sales increased in October, compared to September, easing concerns the largest economy in the world may slide into recession. Total retail sales advanced 0.5 percent, after increasing 1.1 percent in September, said the Census Bureau on Tuesday. Economists expected the reading to advance 0.3 percent.
"The data are uniformly positive," said Eric Green, chief U.S. economist at TD Securities in New York. Retail sales "is more than enough to keep the economy going. They continue to push back the recession fears that began this summer."
"The economy is showing some resilience at this point which is encouraging," said Sean Incremona, an economist at 4CAST in New York. "But we really want to see this sustained and there are a lot of risks to the outlook that could easily bump us off again."