Summary
In September, U.S. retail sales rose by 0.2%, as consumers reduced spending following a period of increased purchases during the summer. Despite high prices and a slight rise in unemployment, higher-income consumers continue to drive spending, while economic reports are delayed due to a government shutdown.
Key Facts
- U.S. retail and restaurant sales increased by 0.2% in September.
- The sales report was delayed due to a government shutdown.
- Over the summer, sales had risen by 0.6% in July and August, and 1% in June.
- The U.S. unemployment rate slightly rose to 4.4% in September.
- Higher-income consumers are driving sales, while lower-income consumers focus on essentials.
- The National Retail Federation projects holiday sales to exceed $1 trillion this year.
- Wholesale prices increased by 0.3% from August to September.
- Wage growth was 3.8% in September, just above the 3% inflation rate.
