Retail sales rose 0.7% in September, more than twice what economists had expected, and close to a revised 0.8% bump in August, the Commerce Department reported Tuesday.
The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including health care, travel and hotel lodging.
But the robust sales report also means that the Fed officials could leave the door open for additional rate hikes.
The retail sales report came as businesses across the U.S. economy ramped up hiring in September, defying surging interest rates, and the ongoing threat of a government shutdown.
Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace.
Persons:
wasn’t, ”, Christopher S, Rupkey, “, Tim Quinlan, Christopher Rugaber, —, Anne
Organizations:
Commerce Department, Federal Reserve, Fed, FWDBONDS, “ Fed, Analysts, Wells, Wells Fargo Economics, ”, Labor Department
Locations:
Israel, Wells Fargo, U.S, Washington