WASHINGTON, Nov. 15 (Xinhua) -- U.S. retail sales in October rose 0.3 percent from September, bouncing back after falling 0.3 percent in previous month, the U.S. Department of Commerce said Friday.
Retail sales totaled 526.5 billion U.S. dollars in October, up 3.1 percent from the month last year, the department said in its advance monthly report on retail and food services sales.
Excluding motor vehicles, parts and gasoline stations, retail sales in October edged up 0.1 percent from the previous month.
Retail trade sales were up 0.3 percent from September, and 2.9 percent above last year. Sales of non-store retailers were up 14.3 percent from October 2018, while gasoline stations sales were down 5.0 percent from last year.
The U.S. economy expanded at an annual rate of 1.9 percent in the third quarter of the year, slightly lower than the 2-percent growth rate in the second quarter, according to the department. This marks a further deceleration from the first quarter's 3.1-percent growth rate.
Two weeks ago, the U.S. Federal Reserve lowered interest rates for the third time this year amid growing risks and uncertainties stemming from trade tensions, weakness in global growth and muted inflation pressures, but signaled a pause in its easing cycle.
The current stance of U.S. monetary policy is "likely to remain appropriate" as long as the U.S. economy stays on track, U.S. Federal Reserve Chairman Jerome Powell said on Wednesday at a hearing held by the Joint Economic Committee of Congress.
Noting that "policy is not on a preset course," Powell said the Fed would respond accordingly "if developments emerge that cause a material reassessment of our outlook." Enditem
