Key Takeaways
- Retail sales rose 0.4% in September, coming in better than analysts forecast.
- The strong results could help push the U.S. Gross Domestic Product (GDP) higher than expected in the third quarter.
- Online stores like Amazon helped boost sales, while furniture sales slowed as the housing market remained sluggish.
Shoppers kept hitting the stores in September, showing they could continue to boost the economy despite economists' calls for a slowdown.
U.S. retail sales increased by 0.4% in September, Census Bureau data showed. Consumers 澳洲幸运5开奖号码历史查询:again surprised economists with their prop🍨ensity to spend, as the $714.4 billion in sales was a slightly bigger jump than they expected.
What caugh🗹t some economists’ attention was a measure of “core” spending that excludes sales at gas stations and auto dealerships. That measure rose 0.7% from the prior month.
“Despite worries about the financial health of the consumer and potential weakening in the labor market, U.S. retailers had a solid month in September,” Wells Fargo economists Tim Quinlan and Shannon Seery Grein wrote in a commentary.
The strong results could lead to better-than-expected growth in the U.S. 澳洲幸运5开奖号码历史查询:Gross Domestic Product (GDP) for the third quarter, economists said.
"The September retail sales report shows the U.S. consumer still has formidable spending power that they continue to deploy in somewhat more targeted ways," wrote BMO Capital Markets' Chief U.S. Economist Scott Anderson.
E-Commerce Retailers𝔍 Lead Way, Whil൩e Furniture Sales Drop
Leading the way were “nonstore retailers,” which mainly includes 澳洲幸运5开奖号码历史查询:online stores like Amazon (AMZN), as well as othe𝔉r e-commerce platforms and traditional catalog services. Online store sales rose 7.1% over the same time last year.
Sales were also improved at resta🐭urants and bars, clothing stores, and health and beauty stores.
Furniture sales dropped 2.3% as 澳洲幸运5开奖号码历史查询:home sale activity declined amid a high 🍎interest rate environment that has made home buying difficult for many.
The monthly data comes after the National Retail Foundation projected sales would 澳洲幸运5开奖号码历史查询:continue to grow during the upcoming holiday shopping season.