October retail sales top estimates, September spending revised sharply higher

Published On Nov 15, 2024, 9:01 AM

October's retail sales rose 0.4%, surpassing anticipations for a 0.3% increase, indicating continued strength in consumer spending. Significant growth in auto sales contributed a 1.6% rise in that sector. Retail sales for September were also revised significantly, up to a 0.8% increase from the previously reported 0.4%. Excluding autos and gas, sales grew just 0.1%, which was lower than the expected 0.3% increase. This weaker figure hints at some underlying challenges in consumer spending. However, overall, the data suggests that the US economy remains resilient, allowing the Federal Reserve to approach interest rate cuts cautiously, with markets pricing in a chance for a rate cut at the upcoming meeting in December.