Retail sales show solid increase in September
Published On Oct 17, 2024, 10:46 AM
Retail sales in the U.S. showed a solid increase of 0.4% in September, surpassing economists' expectations of a 0.3% rise. Core retail sales, which exclude volatile categories like automobiles and gas, rose by 0.5%. This growth indicates a resilient economy, potentially leading to the Federal Reserve considering smaller interest rate cuts in their upcoming meetings. The report signifies strong consumer spending and suggests GDP growth could be around 3.2% for the third quarter.
Stock Forecasts
XRT
Positive
Given the strong retail sales data, several retail-focused companies are likely to benefit, indicating continued consumer spending, which could positively impact their stock prices.
Related News
Harris and Trump Push Economic Plans to Woo Holdouts
Oct 16, 2024, 8:05 AM
The candidates provided more detail on how they would bolster the economy, with ideas ranging from tariffs to more assistance for Black entrepreneurs.
Why this month's inflation figure matters for you
Oct 16, 2024, 5:12 AM
The rate of rising prices, known as inflation, are a key factor in our own finances, particularly at this time of year.
Holiday spending projected to hit new record this year
Oct 15, 2024, 2:50 PM
The largest retail trade group in the U.S. expects holiday spending to grow modestly despite a shortened shopping period and economic toll from two hurricanes.