“There might be some variation during the final months of the year if consumers decide to go on a big spending spree to celebrate the holidays, but this will be the exception rather than the rule,” he added. “There might be some variation during the final months of the year if consumers decide to go on a big spending spree to celebrate the holidays, but this will be the exception rather than the rule, ” he added. And business at restaurants, the lone services component within the Census Bureau report and a barometer of discretionary spending, also fell, as shoppers eat at home to save money.
Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace. The report from the Labor Department also showed that year-over-year inflation was flat last month from a 3.7% rise in August. Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace. The delta variant had has an influence on how people spend, too, typically meaning more consumer dollars are going to things, rather than travel or restaurants. The increases followed two consecutive months of spending declines in April and May.
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Steady sales that have been witnessed in clothing, tech or other goods, is not assured due to worker shortages and festering supply chain issues. A category of sales that excludes volatile sectors such as gas, cars, and restaurants rose last month by 0.5% from the previous month. The figure feeds into the Bureau of Economic Analysis’s consumption estimate and is sign that consumers are still spending on some discretionary items. Excluding auto sales, which have been volatile since Trump imposed tariffs on many foreign-made cares, retail sales rose 0.3% in July. Economists have forecast at least a 7% increase in holiday sales, but the pandemic had made predictions more difficult. Lower-priced store-brand products have seen more take-up lately, some grocers and food companies have said.
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- Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace.
- NEW YORK (AP) — Americans continued to spend at a solid clip in September despite rising prices and snarled global supply chains that are limiting the flow of goods.
- The U.S reported this week that the prices consumers pay rose 0.4% in September, and they’re up 5.4% over the past 12 months, matching the fastest pace since 2008.
- “They are coming to enjoy the experience with their families that they hadn’t been able to do in a long time,” said Tiffany Markofsky, chief communications officer at a small toy store chain called Camp.
- Toy companies, manufacturers and clothing companies have been plagued by snags in the supply network such as a shortages of ship containers.
Shoppers also opened their wallets at sporting goods, hobby stores and books stores where sales rose a 3.7%. And hiring has slowed in the past two months, even as companies and other employers post a near-record number of open jobs. In the run-up to the holiday season, businesses are struggling to find workers. About three million people who lost jobs and stopped looking for work since the pandemic have yet to resume job searches, according to recent economic data. And sales at restaurants and bars, many of which believed they were through the worst of the pandemic until the arrival of the delta variant, rose 0.3% from the previous month.
Americans continued to spend at a solid clip in September even while facing sticker shock in grocery aisles, car lots and restaurants as snarled global supply chains slow the flow of goods. New York — Americans continued to spend at a solid clip in September even while facing sticker shock in grocery aisles, car lots and restaurants as snarled global supply chains slow the flow of goods. NEW YORK — Americans continued to spend at a solid clip in September even while facing sticker shock in grocery aisles, car lots and restaurants as snarled global supply chains slow the flow of goods. NEW YORK – Americans continued to spend at a solid clip in September even while facing sticker shock in grocery aisles, car lots and restaurants as snarled global supply chains slow the flow of goods. NEW YORK (AP) — Americans continued to spend at a solid clip in September even while facing sticker shock in grocery aisles, car lots and restaurants as snarled global supply chains slow the flow of goods. Some of that rise in spending has been intensified by those rising prices.
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Best Buy, the nation’s largest consumer electronics retailer, unveiled a new experience that gives shoppers a chance to access some of the biggest deals and cool gadgets of the holiday season. The items, which kicked off late last month, are only available in limited quantities and exclusively through the Best Buy app. Tuesday’s sales figures aren’t adjusted for inflation, but the cost of goods barely rose last month, so the increased spending isn’t a reflection of higher prices. Prices for durable goods, such as those sold by appliance and electronics stores, actually fell last month. Economist have forecast a 7% increase in holiday sales, but the pandemic had made predictions more difficult.
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The retail data doesn’t capture the impact from the resumption of student loan payments, which started Oct. 1 and could have an impact on the critical holiday shopping season. It also doesn’t cover the Oct. 7 surprise attack on Israel by Hamas. Analysts say that shoppers could become rattled if the Israel-Hamas war is not contained.
But it does cover spending at restaurants, which had a solid 0.9% increase. NEW YORK (AP) — Americans continued to spend at a solid clip in September despite rising prices and snarled global supply chains that are limiting the flow of goods. Retail sales rose a solid 0.5% last month from the previous month, and June spending was stronger than expected, according to the Commerce Department’s report released Friday. June’s retail sales were revised upward to 0.9% from the original 0.6% increase, the agency said. The monthly retail report covers only about a third of overall consumer spending, however, and doesn’t include services such as haircuts, hotel stays and plane tickets. But there has been evidence of slowed spending in some of these areas.
- A sizable portion of the gain likely came from rising prices of imported goods under the impact of tariffs, he said.
- Wall Street analysts have suggested that shoppers have continued to spend, but sought opportunities to trade down to cheaper versions of desired items.
- This despite sticker shock in grocery aisles, car lots and restaurants as snarled global supply chains slow the flow of goods.
A gallon of gasoline today costs about $1 more than it did at this time last year, so in many cases, Americans aren’t buying more, they’re just paying more. The retail report covers only about a third of overall consumer spending, however, and doesn’t include services such as haircuts, hotel stays and plane tickets. Business at clothing stores and online retailers saw increases. Business at home furnishings and furniture stores had strong sales gains. A gallon of gasoline today costs about $1 more than it did at this time last year so in many cases, Americans aren’t buying more, they’re just paying more. Retail sales rose 0.7% in September, more than twice what economists had expected, and close to a revised 0.8% bump in August, the Commerce Department reported Tuesday.
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A closely watched category of retail sales that excludes auto dealers, gas stations and building materials and feeds into the gross domestic product jumped 0.6% last month compared to the prior month. NEW YORK (AP) — Americans showed their steadfast resilience and kept spending online, at restaurants and other outlets in September even as they grappled with higher prices, rising interest rates and a host of other headwinds piling up. “American consumers still have plenty left in the tank despite some tough-to-find and pricier items,” wrote Sal Guatieri, senior economist and director at BMO Capital Markets, in a report published Friday.
“There might be some variation during the final months of the year if consumers decide to go on a big spending spree to celebrate the holidays, but this will be the exception rather than the rule, ” he added. And hiring has slowed in the past two months even as employers post a near-record number of open jobs. There is no evidence that Americans are pulling back, however, and spending last month was heavy everywhere, from clothing, sporting goods and toy stores to car lots. Healthy consumer spending is expected to lift the economy’s growth rate to about 3.5% or possibly even higher in the July-September quarter.
Annual inflation in July was on par with the 2.7% rate reported in June, coming in just below what economists expected. Executives at a range of companies have hinted at cautious consumers during the second-quarter earnings season. Wall Street analysts have suggested that shoppers have continued to spend, but sought opportunities to trade down to cheaper versions of desired items. Retail sales, exclusive of car and gas spending, rose 1.5% from June resilient shoppers push retail sales up 0 7% in september to July, reversing a 0.3% decrease from May to June, the National Retail Federation said this week ahead of government retail data due Friday. Retail spending is a closely watched measure of consumer financial health; economists expect Friday’s report to show July sales up 0.5% from June, according to a Wall Street Journal survey. Guatieri was particularly surprised by the willingness of Americans to continue buying cars with dealerships running short on supply and manufacturers shutting down factories due to a lack of essential computer chips.