Retail sales rose 0.7%, more than twice what economists had expected.
A shopper passes by a display of winter wear in a Costco warehouse on Wednesday, Oct. 4, 2023, in Sheridan, Colo. On Tuesday, the Commerce Department releases U.S. retail sales data for September.
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.
Spending at restaurants was 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 stores and outlets that sell building materials saw declines reflecting a difficult housing market.
Still, questions remain whether shoppers will finally buckle as more bad news piles up from federal budget wrangling, student loan repayments — and new global tensions tied to theattack by Hamas in Israel. The moratorium on student loan payments lifted Oct. 1. Analysts say that shoppers could become rattled if the Israel-Hamas war is not contained., defying surging interest rates, and the ongoing threat of a government shutdown.
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