Retail sales rose 0.7% in September, more than twice what economists had expected, as Americans kept spending online and at restaurants.
Americans showed their steadfast resilience and kept spending online, at restaurants and at other outlets 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.
But the robust sales report also means that the Fed officials could leave the door open for additional rate hikes. “If the cost-of-living crisis has hit consumer confidence you wouldn’t know it judging by a second month of strong retail sales with the consumer buying everything that wasn’t nailed down,” said Christopher S. Rupkey, chief economist at FWDBONDS LLC, a financial markets research company.
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