Retail Sales up a Better-than-Expected 0.8% in September as Shoppers Remain Resilient
Higher gasoline prices drove most of the gain, while core spending rose just 0.1%, the Commerce Department said.
- On Thursday, the Commerce Department's Census Bureau reported U.S. retail and food services sales rose 0.8% in September, exceeding economist forecasts after an upwardly revised 1.3% gain in August.
- Rising gasoline prices accounted for most of this growth; data from the Energy Information Administration showed petrol prices soared 7.1% in September, driving inflation higher during the month.
- Excluding automobiles, gasoline, building materials, and food services, core retail sales edged up just 0.1% in September after surging 1.2% in August. This modest increase reveals headline growth masks cooling consumer demand for non-essentials.
- The Federal Reserve's Beige Book report on Wednesday said most districts "reported little or no change in overall consumer spending" between late August and early October, with lower-income households increasingly cautious.
- National Retail Federation President and CEO Matthew Shay stated consumers prioritize holiday spending despite persistent inflation, though economists expect momentum to lose steam as high prices weigh on household budgets.
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Higher bills cloud the retail sales picture
Americans spent more at retailers in September, but the increase offers less reassurance about household demand once rising prices are considered. Thursday's economic releases showed a sharper jump in wholesale costs alongside higher sales receipts, leaving businesses to distinguish customers buying more from customers paying more for the same necessities. Retail sales rose 0.8% from August. Excluding gasoline, the increase was 0.2%. The produce…
Retail sales saw 0.8% bump in September, but big chunk of spending went to paying for gas
Excluding business at gas stations, retail sales rose 0.2% in September. The government figures aren’t adjusted for inflation, which accelerated last month as gasoline and many other goods and services became more expensive.
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1prime.ruDespite 3.7% inflation in September, US consumers remain resilient in spending
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