US Retail Sales Flat in September | news

US Retail Sales Flat in September |  news

By Austen Hufford

WASHINGTON (Dow Jones) — US citizens restrained their consumption in September amid high inflation and rising interest rates. US retail sales were flat month-on-month. Economists polled by Dow Jones Newswires had expected a 0.3 percent increase.

As the US Department of Commerce further reported, sales excluding vehicles increased by 0.3 percent compared to the previous month. Economists had expected stagnation in this category.

For August, the ministry announced a revised increase of 0.4 (preliminary: 0.3) percent for the overall rate. The change ex motor vehicles was revised to minus 0.1 (preliminary: minus 0.3) percent.

Retail sales have fluctuated in recent months but have generally been up. Contrary to much data, retail sales are not adjusted for inflation, so some fluctuations are due to price changes rather than shifts in purchase volumes.

Chris Varvares, co-chief of US economics at S&P Global Market Intelligence, said while sales are still trending upwards, consumers are getting less bang for their buck than they were a year ago. “Retail sales are strong because prices are rising fast.”

Assistance: Andreas Plecko

Contact the author: konjunktur.de@dowjones.com

DJG/DJN/grandfather/club

(END) Dow Jones Newswires

October 14, 2022 08:38 AM ET (12:38 GMT)

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