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Retail sales rose 0.4% last month, according to the U.S. Census Bureau, supporting sentiments that economic growth was strong and steady in the third quarter.
Economists had expected an 0.3% rise in retail sales, which are not adjusted for inflation, Reuters reported.
Sales also rose an unrevised 0.1% in August.
The news comes as retail industry experts anticipate a banner holiday season with sales that increase from 2.5% to 3.5% year-over-year in November and December. Those increases would translate to $979.5B to $989B in sales, the National Retail Federation said.
“This year will be a record level of spending,” NRF CEO Matthew Shay said, as reported by Retail Dive. “The economy has been in a good place this year, operating with solid footing, and the consumer economy and the retail industry certainly continue to benefit from that strength. We know going into the holiday season that consumers continue to show resilience, and they show strength in their spending.”
Indications that the economy is bustling are unlikely to mean that the Federal Reserve will refrain from cutting interest rates again next month but point toward a modest 25-basis-point reduction, Reuters reported.
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