Current:Home > BackRetail sales rise solid 0.7% in September, reflecting US shoppers’ resilience despite higher prices-DB Wealth Institute B2 Expert Reviews
Retail sales rise solid 0.7% in September, reflecting US shoppers’ resilience despite higher prices
View Date:2024-12-23 23:56:41
NEW YORK (AP) — Americans showed their steadfast resilience and kept spending in September even as they grappled with higher prices, interest rates and a host of other headwinds piling up.
Retail sales rose 0.7% in September, more than twice what economists had expected, and close to a revised 0.8% bump in August, the Commerce Department reported Tuesday. Retail sales in August were inflated after gasoline prices spiked, however. That was not the case in September when gas prices began to ease.
A closely watched category of retail sales that excludes auto dealers, gas stations and building materials and feeds into the gross domestic product jumped 0.6% last month compared to the prior month.
September’s uptick in retail sales, the sixth consecutive monthly gain, reflects how the U.S. economy has remained resilient despite attempts by the Federal Reserve to cool spending and hiring. Spending has been volatile after surging nearly 3% in January. Sales tumbled in February and March before recovering in the spring and summer.
Spending at restaurants were up 0.9%, while spending online rose 1.1% last month, according to the report. Sales at general merchandise stores rose 0.4%. Business at grocery stores was up 0.4%. Sales at home furnishings and furniture stores were flat, while electronics store saw a 0.8% decline reflecting a difficult housing market.
The retail sales report came as businesses across the U.S. economy ramped up hiring in September, defying surging interest rates, and the ongoing threat of a government shutdown. The strength of hiring has surprised economists inside and outside of the Fed.
Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace. The report from the Labor Department also showed that year-over-year inflation was flat last month from a 3.7% rise in August.
The retail data doesn’t capture the impact from the resumption of student loan payments, which started Oct. 1 and could have an impact on the critical holiday shopping season. It also doesn’t cover the Oct. 7 surprise attack on Israel by Hamas. Analysts say that shoppers could become rattled if the Israel-Hamas war is not contained.
The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including health care, travel and hotel lodging.
——————
Follow Anne D’Innocenzio: http://twitter.com/ADInnocenzio
veryGood! (95)
Related
- Blake Snell free agent rumors: Best fits for two-time Cy Young winner
- Transcript: Mesa, Arizona Mayor John Giles on Face the Nation, July 16, 2023
- Education was once the No. 1 major for college students. Now it's an afterthought.
- Alyson Stoner Says They Were Fired from Children’s Show After Coming Out as Queer
- Justice Department sues to block UnitedHealth Group’s $3.3 billion purchase of Amedisys
- Inside Titanic Sub Tragedy Victims Shahzada and Suleman Dawood's Father-Son Bond
- 25,000+ Amazon Shoppers Say This 15-Piece Knife Set Is “The Best”— Save 63% On It Ahead of Prime Day
- This group gets left-leaning policies passed in red states. How? Ballot measures
- Mean Girls’ Lacey Chabert Details “Full Circle” Reunion With Lindsay Lohan and Amanda Seyfried
- Tickets to see Lionel Messi's MLS debut going for as much as $56,000
Ranking
- Unexpected pairing: New documentary tells a heartwarming story between Vietnam enemies
- Houston’s Mayor Asks EPA to Probe Contaminants at Rail Site Associated With Nearby Cancer Clusters
- Florida community hopping with dozens of rabbits in need of rescue
- Biden’s Pipeline Dilemma: How to Build a Clean Energy Future While Shoring Up the Present’s Carbon-Intensive Infrastructure
- 4 arrested in California car insurance scam: 'Clearly a human in a bear suit'
- The US Nuclear Weapons Program Left ‘a Horrible Legacy’ of Environmental Destruction and Death Across the Navajo Nation
- With the World Focused on Reducing Methane Emissions, Even Texas Signals a Crackdown on ‘Flaring’
- Arby's+? More restaurants try subscription programs to keep eaters coming back
Recommendation
-
Everard Burke Introduce
-
Buttigieg calls for stronger railroad safety rules after East Palestine disaster
-
Kareem Abdul-Jabbar: There are times when you don't have any choice but to speak the truth
-
The Home Depot says it is spending $1 billion to raise its starting wage to $15
-
Republican Dan Newhouse wins reelection to US House in Washington
-
The 26 Words That Made The Internet What It Is (Encore)
-
Dutch Court Gives Shell Nine Years to Cut Its Carbon Emissions by 45 Percent from 2019 Levels
-
ExxonMobil Shareholders to Company: We Want a Different Approach to Climate Change