US Retail Sales Rise by More Than Forecast in Broad Advance
US retail sales strengthened in September by more than forecast in a fairly broad advance, illustrating resilient consumer spending that continues to power the economy.
The value of retail purchases, unadjusted for inflation, increased 0.4% after a 0.1% gain in August, Commerce Department data showed Thursday. Excluding autos and gasoline stations, sales climbed 0.7%.
Ten of the report’s 13 categories posted increases, led by miscellaneous store retailers, which include florists and pet stores. Apparel and grocery stores also posted solid advances. Receipts at gasoline service stations decreased, reflecting cheaper prices at the pump. Auto sales barely rose, defying expectations for a strong increase.
The sales figures cap another likely quarter of solid economic growth and consumer demand fueled by a hardy labor market. While the retail report does little to reverse expectations the Federal Reserve will cut interest rates by 25 basis points next month, it adds to evidence that the economy shows scant signs so far of materially down shifting.
Source : Bloomberg
