U.S. Retail Sales Grew in October; Europe Still Weighs

U.S. Retail sales increased 0.5 % in October, higher than analysts’ estimates. September retail sales  in the U.S. grew by 1.1 %. Auto sales rose in October. Wholesale prices lowered in October, likely the result of lower gas prices. Consumer spending represents 70% of the U.S. economy.

Although U.S. economic data shows signs of steady positive development, European debt continues to weigh on investors’ minds. Spanish bond yields have increased to 6.34 % and Italian bond yields have surged to over 7 % again, reaching a critically high level for Italian borrowing costs.

New GDP numbers from Europe in 3Q showed slightly higher growth at .2%, matching analysts’ estimates, compared to 2Q at 1.4%.

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