Financial News: U.S. Retail Sales Climb 0.4% In September, Slightly

U.S. Retail Sales Climb 0.4% In September, Slightly More Than Expected

10/17/2024 - 09:39:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Thursday showed retail sales in the U.S. increased by slightly more than expected in the month of September.

The Commerce Department said retail sales rose by 0.4 percent in September after inching up by 0.1 percent in August. Economists had expected retail sales to rise by 0.3 percent.

"Strong retail spending last month suggests the recovery maintained strength through the end of the third quarter," said FHN Financial Economic Analyst Mark Streiber.

He added, "Whatever hurricane- or strike- related disruptions there may be in upcoming data releases, today's report showed no sign that consumer spending has slowed down."

The slightly stronger than expected retail sales growth partly reflected a sharp increase in sales by miscellaneous store retailers, which spiked by 4.0 percent.

Sales by clothing and accessories stores, health and personal care stores, grocery stores and food services and drinking places also saw notable growth.

Meanwhile, sales by electronics and appliance stores plunged by 3.3 percent, and sales by furniture and home furnishings stores and gas stations also slumped.

The report also said sales by motor vehicle and parts dealers came in unchanged in September after falling by 0.4 percent in August.

Excluding auto sales, retail sales climbed by 0.5 percent in September after rising by 0.2 percent in August. Ex-auto sales were expected to inch up by 0.1 percent.

The Commerce Department also said core retail sales, which exclude automobiles, gasoline, building materials and food services, increased by 0.7 percent in September after rising by 0.3 percent in August.

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