US retail sales beat forecasts driven by fuel spending
Retail sales increased by 0.8 percent in September, driven by gasoline prices, beating expectations, while August data was revised upward.
According to US Department of Commerce data, retail sales in September increased more than expected, reaching 0.8 percent due to high gasoline prices.
September Sales Data
According to US Department of Commerce data, retail sales increased more than expected in September, partly driven by high gasoline prices, while spending in other sectors remained moderate. Retail sales rose by 0.8 percent.
August Revision
Along with this activity in September, updates were also made to the previous month's economic indicators. The August data was revised upward to 1.3 percent.
Status of Other Sectors
Despite the increase in the overall total, a different picture emerged in certain sub-items. Sales excluding motor vehicles and fuel recorded a modest increase of 0.2 percent last month.
Distribution of Categories
It was determined that eight out of thirteen different categories saw increases. This general upward trend was primarily led by a massive 6.4 percent surge in shopping values at gas stations.
Fed Beige Book Report
Important details were also reflected in the central bank's economic assessments. In the Fed's Beige Book report published on Wednesday, it was stated that total consumer spending showed little to no change in most regions between late August and early October.