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.

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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.

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