The Commerce Department released new retail data on Wednesday, revealing how consumers have responded to rapid and stubbornly high inflation in October.
Alba Wheels Up International founder Salvatore Stile says importers and retailers are predicting a supply chain ‘decline coming about.’
Spending at retail stores rose faster than expected in October as consumers continue to open their wallets despite scorching-hot inflation , a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, rose 1.3% in October, the Commerce Department said Wednesday. Economists surveyed by Refinitiv expected sales to increase 1%.The October advance is not adjusted for inflation – which rose 0.4% last month – meaning that consumers may be spending the same but getting less bang for their buck.
"Although Target reported disappointing third quarter results, the October retail sales report underscores that a more discerning U.S. consumer continues to spend," said Quincy Krosby, chief global strategist for LPL Financial. "While credit cards are being used more frequently, consumers are taking advantage of earlier-than-usual holiday sales."
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