Economy

Retail sales rose 0.7% in September, much stronger than estimate

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Retail sales rose 0.7% in September, much stronger than estimate

Consumers showed surprising strength in September, boosting retail sales well above expectations despite high interest rates and worries over a weakening economy.

Retail sales rose 0.7% on the month, well above the 0.3% Dow Jones estimate, according to the advance report the Commerce Department released Tuesday. Gas station sales helped propel the headline number, rising 0.9% as prices at the pump accelerated.

Excluding autos, sales were up 0.6%, also well ahead of the forecast for just 0.2%. The so-called control group, which strips out items such as auto dealers, gas stations, office supply stores, mobile homes and tobacco stores and is used for the department’s GDP calculation, rose…



Source cnbc.com

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