U.S. retail sales rose a better-than-expected 1.3% in October, as households stepped up purchases of a range of goods, despite high inflation
. The retailer blamed inflation and "dramatic changes" in consumer behavior for a drop in demand for everything from toys to home furnishings.
That support is expected to fade next year as tighter monetary policy dampens overall demand, weighing on the labor market and the economy. Low-income households are believed to have already exhausted their pandemic savings.on Monday showed total borrowing surged $351 billion in the third quarter. The Fed has raised its policy rate by 375 basis points this year from near zero to a 3.75%-4.00% range as it battles rampant inflation in what has become the fastest rate-hiking cycle since the 1980s.
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