According to the Commerce Department’s Census Bureau, retail sales experienced a 0.4% increase in September after a previously reported 0.1% gain in August. This surpassed economists’ expectations of a 0.3% rise.
The food and beverage industry saw an even larger boost with a 1% increase in receipts for September, following a 0.5% growth in August. Clothing stores also performed well with a monthly gain of 1.5%, while general merchandise retailers, building material and garden equipment sellers, sporting goods stores, and grocers all reported increased sales.
However, electronics and appliance stores as well as furniture retailers saw declines in their sales for September compared to the previous month. Gas stations also experienced lower sales due to falling prices.
Jeffrey Roach from LPL Financial commented that strong consumer spending during this time indicates above-average economic growth for the previous quarter.” He added that their prediction is still that the Fed will likely decrease interest rates by one-quarter percent both November and December.
Overall,the latest data shows better-than-expected gains for retail sales during this period according to Connect CRE.
