U.S. retail sales rose slightly in September, but lost momentum after several months of strong performance.
the U.S. Department of Commerce released the retail sales data for September on Tuesday, which had been delayed due to the government shutdown. On an unadjusted basis, retail sales in September increased by 0.2%, lower than the 0.6% growth in August. Excluding automobiles and gasoline, retail sales only grew by 0.1%. Out of 13 categories, 8 recorded growth, mainly driven by sales at gas stations, personal care stores, and other miscellaneous retailers. Motor vehicle sales declined for the first time in four months. Retail sales of electronics, clothing, and sporting goods also fell. Consumer momentum weakened at the end of the third quarter. Although overall spending was supported by high-income consumers benefiting from a strong stock market, low-income consumers showed signs of tightening. Rising prices and a weakening job market have made many shoppers more cautious and pushed consumer confidence close to historic lows. This income gap has been a focus of Federal Reserve officials. There is a clear division among Fed policymakers on whether to cut rates again at next month's meeting. Currently, investors still believe the possibility of a rate cut in December is greater than no cut.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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