A report released by the Commerce Department on Thursday revealed that U.S. retail sales rose slightly more than anticipated in September.
The Commerce Department indicated that retail sales increased by 0.4 percent in September, following a modest rise of 0.1 percent in August. Economists had forecasted a 0.3 percent increase.
“The robust retail spending observed last month indicates that the recovery remained strong as the third quarter drew to a close,” remarked Mark Streiber, Economic Analyst at FHN Financial.
He further stated, “Despite any disruptions caused by hurricanes or strikes that may appear in future data, today’s report displays no indication of a slowdown in consumer spending.”
The stronger-than-expected growth in retail sales was partly attributed to a notable spike of 4.0 percent in sales from miscellaneous store retailers.
Additionally, clothing and accessories stores, health and personal care stores, grocery stores, as well as food services and drinking establishments, also experienced significant growth.
Conversely, sales at electronics and appliance stores fell sharply by 3.3 percent, and there were declines in sales at furniture and home furnishings stores and gas stations.
The report also noted that sales from motor vehicle and parts dealers remained unchanged in September after a decrease of 0.4 percent in August.
When excluding auto sales, retail sales rose by 0.5 percent in September after a 0.2 percent increase in August, with expectations for a slight rise of 0.1 percent in ex-auto sales.
According to the Commerce Department, core retail sales, which omit automobiles, gasoline, building materials, and food services, grew by 0.7 percent in September, up from a 0.3 percent rise in August.
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