US retail sales beat expectations in September on higher gasoline prices
SPY•US retail sales rose 0.8% in September, above economists’ 0.3% forecast, with higher gasoline prices accounting for most of the increase. Sales excluding automobiles, gasoline, building materials and food services edged up 0.1%.
1. Gasoline drives increase
Retail sales rose 0.8% in September after an upwardly revised 1.3% gain in August, the Census Bureau said. Gasoline prices climbed 7.1% during the month, accounting for most of the sales increase.
2. Underlying spending moderates
Retail sales excluding automobiles, gasoline, building materials and food services edged up 0.1%, below economists’ 0.3% forecast. Economists expect consumer spending to have grown at an annualized rate of around 3.4% in the third quarter, after a 3.8% pace in the second quarter.
