Brazil Retail Sales Unexpectedly Rebound 0.5%

(RTTNews) - Brazil's retail sales increased unexpectedly in October and logged the strongest growth in seven months, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Thursday.

Retail sales rose 0.5 percent month-on-month in October, reversing a 0.2 percent fall in September. Meanwhile, economists had expected a further decline of 0.2 percent.

Sales of office, computer, and communication equipment and materials showed a strong recovery of 3.2 percent over the month, and those of vehicles and motorcycles and parts and pieces grew 3.0 percent. Meanwhile, sales of fabrics, clothing, and footwear dropped 0.3 percent.

On a yearly basis, retail sales growth improved to 1.1 percent from 0.8 percent.

In expanded retail, which includes vehicles, motorcycles, parts and accessories, construction materials, and wholesale of food, beverages, and tobacco products, sales volume grew 0.3 percent compared to September.