NEW YORK (TheStreet) -- October retail sales in the U.S. grew by 0.8%, higher than the 0.6% increase economists had been expecting, due in part to the increase in demand for building materials following Hurricane Matthew.
Sales were up by 4.3% when compared to the same month last year.
"We did seem to take a pause in late summer, but consumers [are] now spending again," Bloomberg politics and economics editor Michael McKee said on "Bloomberg Daybreak: Americas" Tuesday morning.
With consumers spending more the case for the Federal Reserve hiking interest rates becomes stronger. It has been speculated for most of 2016 that the Central Bank will raise rates in December. Bloomberg TV's David Westin pointed to a poll showing 94% believe the Fed will raise rates next month.
"There's always something, we still have the November payrolls reporting on December 2 coming out," McKee added. "If that comes in anywhere near consensus then, yeah, you might as well."