US retail sales strengthened in September by more than forecast in a broad advance, illustrating resilient consumer spending that continues to power the economy.
Marty Weintraub, national retail leader of Deloitte joins BNN Bloomberg for an outlook on Canadian holiday spending.
The value of retail purchases, unadjusted for inflation, increased 0.4% after a 0.1% gain in August, Commerce Department data showed Thursday. Excluding autos and gasoline stations, sales climbed 0.7%. The sales figures cap another likely quarter of solid economic growth and consumer demand fueled by a hardy labor market. While the retail report does little to reverse expectations the Federal Reserve will cut interest rates by 25 basis points next month, it adds to evidence that the economy shows scant signs so far of materially down shifting.The data showed so-called control-group sales — which feed into the government’s calculation of goods spending for gross domestic product — surged 0.
Figures issued late last month by the Bureau of Economic Analysis showed wages and salaries, unadjusted for price changes, increased 0.5% in August — the most in three months and suggesting consumers have the wherewithal to spend. And job growth in September was the strongest in six months, with employers adding more than a quarter million jobs.
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