Americans stepped up their purchases at retailers last month as low unemployment, steady pay gains and rising stock and home values helped sustain their willingness to spend despite higher prices.
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With the presidential election in its final weeks, Thursday's figures provided the latest sign that household spending is fueling a steady economic expansion even whileon all imports and lower corporate taxes are needed to deliver healthy growth. Vice President Kamala Harris has countered with proposals for expanding tax credits for families with children and subsidizing home construction to try to lower housing costs.
Clothing store purchases leapt 1.5% last month, though sales at electronics and furniture stores dropped.in September from a year earlier, down from a peak inflation rate of 9.1% in June 2022 and barely above the Federal Reserve's 2% target. With prices coming under control, the Fed cut its benchmark interest rate last month for the first time in four years by a.
By August 2024, spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those making more than $100,000. For middle-income households — those earning $60,000 to $100,000 — their spending rose 13.3% during the same period. And for those earning less than $60,000, spending has risen just 7.9% since 2018, and it actually fell from mid-2021 through mid-2023.
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