Retail business in the United States is on the rise
Retailers’ sales in September surprised experts with an increase of 0.7%. This is the sixth month in a row that sales have risen, despite inflation continuing to rise.
However, consumers’ desire to buy is curbed by the high cost of living.
Photo: Michael Nagel/Bloomberg
US retailers reported a surprisingly strong increase in sales in September. Its revenues rose 0.7% compared to the previous month, the US Commerce Department announced on Tuesday. Experts polled by Reuters had expected an increase of only 0.3%, after an upwardly revised reading of 0.8% in August. Initially there was talk of 0.6%.
Hellaba expert Ulrich Wurtberg points out that retail sales have now increased for the sixth month in a row. The expert said that even apart from components exposed to fluctuations such as car sales and gasoline sales, there was a “good increase in sales”: “Against this background, consumers, who were an important pillar of the US economy until recently, do not seem to be running out of breath yet.” .
However, consumers’ desire to buy is curbed by the high cost of living. Inflation has been sluggish lately, and the US Federal Reserve has yet to give any reason to explain the matter. Consumer prices rose 3.7% in September, at the same pace as in August. The Federal Reserve has raised interest rates from near zero to a range of 5.25% to 5.5% since the beginning of 2022 to limit high inflation.
Reuters
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