The September US Retail Sales report showed better-than-expected numbers in every category. Analysts at Wells Fargo point out retail sales shot up 1.9% in September handily exceeding expectations as consumers continue to adjust to living with the virus.
Key Quotes:
“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.”
“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.”
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