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Financial News: U.S. Retail Sales Jump Much More Than Expected

U.S. Retail Sales Jump Much More Than Expected In September

10/16/2020 - 08:37:00 (RTTNews)

(RTTNews) - After reporting much weaker than expected U.S. retail sales growth in the previous month, the Commerce Department released a report on Friday showing retail sales jumped by much more than expected in the month of September.

The Commerce Department said retail sales spiked by 1.9 percent in September after rising by 0.6 percent in August. Economists had expected retail sales to climb by 0.7 percent.

Excluding an increase in sales by motor vehicles and parts dealers, retail sales still surged up by 1.5 percent in September after climbing by a downwardly revised 0.5 percent in August.

Ex-auto sales were expected to rise by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.

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