Sales rose 0.4 percent in October from a month prior to $718.9 billion, according to Department of Commerce data.
This was a smaller uptick than September’s revised 0.8 percent increase.
Consumer spending has helped to power the US economy over the past year despite elevated interest rates as the central bank battled to rein in inflation.
But the cooldown in October, which came after the central bank started lowering the benchmark lending rate, could have been influenced by hurricanes Helene and Milton, which landed in late-September and early October respectively.
The storms were likely to have forced some businesses to close temporarily, while people grappled with the aftermath, said economists at Pantheon Macroeconomics in a recent note.In October, retail sales excluding those at auto dealers and gas stations rose just 0.1 percent from the prior month.Meanwhile, sales at furniture and personal care stores declined.
Sales at restaurants and bars, as well as grocery stores, also slowed from the prior month, Commerce Department data showed.
Typically, lower interest rates are expected to support economic activity.
From a year ago, retail sales were up 2.8 percent in October.
