Stable growth in consumer demand, US retail sales rose 0.7% month on month in September, far exceeding expectations
komolodo
发表于 2023-10-18 07:23:38
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The retail sales growth in the United States in September exceeded expectations, indicating that household demand continues to grow as the third quarter approaches its end. According to data released by the US Department of Commerce on Tuesday, after the August growth rate was revised up to 0.8%, the monthly retail sales rate in September, which was not adjusted for inflation, increased by 0.7%, far exceeding the expected 0.3%. Excluding gasoline, retail sales increased by 0.7%.
The retail sales control group increased by 0.6%, better than expected. The Retail Sales Control Group is used to calculate Gross Domestic Product (GDP), excluding food services, car dealerships, building material stores, and gas stations.
In the third quarter, the retail sales control group grew at an annualized rate of 6.4%. In September, sales in 8 out of 13 categories increased, including revenue growth for restaurants, car dealerships, and personal care stores.
This growth indicates that despite the recent rebound in inflation rate driven by energy factors, consumer enthusiasm is still rising. Although wage growth has begun to lose momentum, the labor market remains generally strong, providing Americans with room to continue spending.
These data have strengthened people's expectations for strong economic growth in the third quarter. Meanwhile, with September price data showing stubborn inflation, the continued strong consumer demand may also prompt the Federal Reserve to raise interest rates again before the end of the year.
After the data was released, the yield of US treasury bond bonds and the US dollar rose, while the US stock index futures still fell, because traders increased their bets on another interest rate increase by the Federal Reserve.
Another government data released last week showed that the US consumer price index rose rapidly for the second consecutive month in September, highlighting the stickiness of inflation. Another report pointed out that the price increase paid to American manufacturers last month exceeded expectations.
Although the inflation rate is still far above the Federal Reserve's target of 2%, the prices of major consumer goods, including clothing and furniture, fell significantly last month. The price drop helps explain the limited revenue for clothing retailers and home appliance manufacturers in September. Clothing store sales decreased by 0.8% in September, the first decline in six months.
The retail sales report also showed a 0.9% increase in purchases from restaurants and bars (the only service industry category in the report) last month. The revenue of the grocery store increased by 0.4%. Car sales increased by 1% in September, the largest increase in four months.
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