U.S. Retail Sales Remain Economy’s Growth Engine

US retail sales strengthened in September beyond expectations, demonstrating resilient consumer spending that continues to drive economic growth, Vince Golle reported for Bloomberg News.

These sales figures indicate another likely quarter of solid economic growth, supported by strong consumer demand and a robust labor market.

The value of retail purchases, unadjusted for inflation, increased by 0.4% following a 0.1% gain in August, according to recently released Commerce Department data. Excluding autos and gasoline stations, sales rose by 0.7%.

These sales figures indicate another likely quarter of solid economic growth, supported by strong consumer demand and a robust labor market.

While the retail report does little to alter the expectation that the Federal Reserve will cut interest rates by 25 basis points next month, it adds to the evidence that the economy shows few signs of significantly slowing down.