US retail sales rose in September for the sixth month in a row

Washington, DC
CNN
—

Spending at U.S. retailers continued to grow last month, a new sign that American shoppers have yet to take advantage.

Retail sales, which are adjusted for seasonality but not Economic inflation, by 0.7% in September compared to the previous month. This is slightly lower than the revised August gains and marks of 0.8%. Sixth consecutive month of growth.

Spending grew across most categories last month, with sales at specialty stores further ahead by 3%. Online sales and car purchases also grew at a strong pace, both rising 1.1% in September compared to August. The two weakest sales categories last month were apparel and electronics, which fell by 0.8% over the same period.

“With employment rising, wages outpacing inflation, and recession talk calming, consumer spending is growing and moving the economy forward,” Bill Adams, chief economist at Comerica Bank, wrote in an analyst note. “But growth is likely to be slower in the fourth quarter, with headwinds from the resumption of student loan payments, UAW and labor strikes, and risks from The war between Israel and Hamas And the possibility of a government shutdown.”

Compared to Augusthigher Gas prices It had a much smaller impact on retail spending in September. Excluding sales at gas stations, retail sales were still up 0.7% last month. Adams said the US Energy Information Administration “reported a jump in gasoline inventories in the past few weeks, consistent with a seasonally adjusted decline in quantities sold.”

However, the respite from rising energy prices is still at risk if… escalation The conflict between Israel and Hamas is destabilizing the oil-rich Middle East, further reducing oil supplies. This would impose more pain on gas stations, push inflation higher and erode Americans’ purchasing power.

This story is evolving and will be updated.