Lights out retail sales print highlights strong Q3 GDP
|Retail sales shot up 1.9% in September handily exceeding expectations as consumers continue to adjust to living with the virus. Restaurant receipts rose another 2.1%, but are still 15% below their pre-pandemic peak.
Strong Print, Restaurants Getting Closer to Peak
Retail sales rose more than double the consensus expectation with gains across the board. In fact, the only category to post a decline was electronics stores where some payback was inevitable after strong demand in prior months.
Restaurants and bars were crushed during the shutdowns, but after five straight monthly gains, the category is now off only 15% from its peak. Tough months ahead though with cooler weather.
Everybody Wants their Own Wheels All of the Sudden
In descending order, the biggest contributions to September's retail sales report were: autos, clothing and restaurants. This is hardly emblematic of the sort of spending trends you'd expect of a cash-strapped, budget conscious consumer, a theme against which we have been pushing back.
The 3.6% increase in autos is the fourth gain in five months and comes amid increased demand for used autos as well.
Download The Full Economic Indicators
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.