Sales at retailers jumped 1.3% in October, signaling U.S. consumers are still spending plenty of money despite efforts by the Federal Reserve to slow the economy. Retail sales were forecast to rise 1.2% last month.
The numbers: Sales at retailers jumped 1.3% in October, signaling U.S. consumers are still spending plenty of money despite efforts by the Federal Reserve to slow the economy.
Retail sales are a big part of consumer spending and offer clues on the strength of the economy. Sales rose in almost ever major retail segment in October. One category economists watch closely is bars and restaurants, the only service-sector in the retail report. Restaurant sales surged 1.6% last month and are rising twice as fast as inflation.
The Fed wants to see a further reduction in consumer demand to help get inflation under control. If the economy doesn’t slow enough, the central bank could raise interest rates even more aggressively than it plans.
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