Retail sales rose 0.7% in September, much stronger than estimate

PUBLISHED TUE, OCT 17 2023 8:32 AM EDT
UPDATED MOMENTS AGO
Jeff Cox

Consumers showed surprising strength in September, boosting retail sales well above expectations despite high interest rates and worries over a weakening economy.

Retail sales rose 0.7% on the month, well above the 0.3% Dow Jones estimate, according to the advance report the Commerce Department released Tuesday. Excluding autos, sales were up 0.6%, also well ahead of the forecast for just 0.2%.


The numbers are not adjusted for inflation, so they indicate that consumers more than kept up with price increases. The consumer price index, released last week, showed headline inflation up 0.4% in September.

On a year-over-basis, sales rose 3.8%, compared to the 3.7% increase for CPI.

https://www.cnbc.com/amp/2023/10/17/retail-sales-september-2023-.html