Retail sales climbed 0.7% last month, the government said Friday. Economists polled by The Wall Street Journal had forecast a 0.2% decline.
The numbers: Sales at retailers rose sharply in September in a sign that Americans are spending enough money to sustain an economic recovery, but they are also paying more because of the highest U.S. inflation in three decades.
Figuring out what to spend the money on is a problem, though. The surge in coronavirus delta cases toward the end of the summer caused more people to spend less on services such as dining out, renting a hotel room or getting on a plane. “Higher prices for consumer goods have been acting to, well, inflate measured retail sales,” said chief economist Richard Moody of Regions Financial.
An unusually big 0.7% increase in grocery sales, meanwhile, was driven in part by higher inflation. Food costs more. Still, retail sales have generally been strong this year and they are increasing a lot faster than inflation. They have climbed 14% in the past year vs. a 5.4% increase in the consumer price index during the same span.
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