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A woman looks at a "top" during British clothing retailer Topshop's grand opening of their New York flagship store

A woman looks at a "top" during British clothing retailer Topshop's grand opening of their New York flagship store

REUTERS

A woman looks at a "top" during British clothing retailer Topshop's grand opening of their New York flagship store

US retailers reported strong sales in October, a sign American consumers are spending with more gusto which could help keep the economy growing at a brisk pace.

Other data published yesterday day showed consumer sentiment rising to a seven-year high this month, also positive for the spending outlook as the country nears its traditional period of frenzied holiday shopping.

Retail sales, which account for about one-third of consumer spending, rose 0.3pc in October. The gain was larger than analysts expected, and would have been higher but for a 1.5pc drop in receipts at petrol retailers. "(The) numbers bode well for the crucial holiday shopping season," said economist Paul Diggle. Americans turn their shopping into overdrive in late November.

Irish Independent