US retail sales grew 0.7% in September from the previous month, which is more than double Wall Street’s estimates for 0.3% growth. This is the sixth straight month that sales have rose from month-over-month.
August’s sales were also revised up to 0.8% from a previously reported 0.6% increase.
The September report from the US Census Bureau indicates that these numbers came in a lot stronger than expected, showcasing that consumer slowdowns are nowhere in sight.
Nine out of 13 retail categories in the report highlighted increases month-over-month. Sales at specialty stores jumped 3%, while sales at motor vehicle and parts dealers rose 1% from September.
“With employment high, wages outpacing inflation, and recession talk quieter, consumer spending is growing and propelling the economy forward,” wrote BIll Adams, chief economist at Comerica Bank, in an analyst note.