Consumer Spending Surged in September
Growth in retail sales for September offered a promising outlook for the critical holiday months ahead, according to the National Retail Federation (NRF).
September sales (excluding automobiles, gas stations and restaurants) increased 0.4 percent seasonally adjusted from August, and 2.1 percent unadjusted year-over-year.
In spite of the uncertainty and unease surrounding our nations high unemployment and long-term fiscal challenges, consumers continue to spend and shop, said Matthew Shay, president and CEO of the Washington, D.C.-based NRF. Robust back-to-school spending combined with a series of new, technology-led product launches certainly helped retailers in September. The American consumer is holding their own in this economic environment but the question remains, for how long?
September retail sales, released by the U.S. Department of Commerce, showed total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants) increased 1.1 percent seasonally adjusted month-to-month and 5.4 percent unadjusted year-over-year.
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