00:00It's Benzinga, bringing Wall Street to Main Street.
00:02U.S. retail sales grew at their slowest pace in nearly a year in October
00:07as higher prices strained consumers, according to CNBC slash NRF Retail Monitor data.
00:14Total retail spending rose 0.2% month over month to $561.7 billion, up 3.6% year over
00:24year.
00:24The slowing growth indicated shoppers were becoming more selective
00:28as higher prices pressured household budgets.
00:30The National Retail Federation said consumers were timing purchases
00:34around sales and promotions to stretch their dollars.
00:37Halloween shopping and early holiday promotions supported spending.
00:41Sales increased year over year in 9 of 11 sectors, led by electronics and appliances.
00:47Technology companies have raised prices on products including MacBooks and Xboxes
00:51as memory chip costs surge amid the AI boom.
00:55Meanwhile, consumer prices rose 0.4% in October, slightly above economists' expectations.
01:02For all things money, visit Benzinga.com.
