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September Retail Sales Top Expectations As Consumers Defy High Inflation, Interest Rates

Posted October 17, 2023
Piero Cingari
Benzinga

U.S. retail sales advanced more than expected in September, marking six consecutive months of gains and highlighting the strong resilience of consumers despite surging inflation and elevated interest rates.

Often considered a gauge of consumer health, the retail sales data released on Tuesday by the U.S. Census Bureau showed a robust 0.7% monthly uptick, down from the upwardly revised 0.8% surge in August and well above the anticipated 0.3%.

On an annual basis, total retail sales are up by 3.8%, up from the 2.5% recorded in August, marking the highest year-over-year advance since February 2023.

Retail sales, excluding the automotive sector, rose 0.6%, down from the upwardly revised 0.9% growth seen in the previous month but beating the projected 0.2%. When also excluding gasoline stations, retail sales rose 0.6%, up from the 0.3% seen in August.

It’s important to note that all these figures are not adjusted for inflation, which experienced a 0.4% month-on-month increase in September.

Originally Posted October 17, 2023 – September Retail Sales Top Expectations As Consumers Defy High Inflation, Interest Rates

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