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The U.S. Commerce Department released the retail sales data on Friday. The U.S. retail sales rose 0.3% in October, exceeding expectations for a 0.2% increase, after a 0.3% drop in September.
Retail sales excluding automobiles increased 0.3% in October, beating expectations for a 0.2% increase, after a 0.2% decline in September.
The increase was driven by lower gasoline prices and job growth. Gasoline prices declined due to falling oil prices.
Sales at clothing retailers climbed 0.5%, while sales at electronics and appliance stores fell 1.6% in October. Sales at auto dealers gained 0.5%.
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