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SaltWire's Atlantic regional weather forecast for October 17, 2023] | SaltWireWASHINGTON - U.S. retail sales increased more than expected in September as households boosted purchases of motor vehicles and spent more at restaurants and bars, suggesting the economy ended the third quarter on a strong note.
Economists polled by Reuters had forecast retail sales rising 0.3%. Retail sales are mostly goods and are not adjusted for inflation. They were also likely flattered by higher gasoline prices, which boosted receipts at service stations. Nevertheless, consumer spending continues to be driven by a tight labor market, with the economy creating 336,000 jobs in September. Excess savings accumulated during the COVID-19 pandemic remain higher than previously estimated.
Core retail sales correspond most closely with the consumer spending component of GDP. Consumer spending is expected to have accelerated in the third quarter, thanks to a surge in July. Spending on services also remains solid, which should lift overall consumption.
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