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.
“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.”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD bulls flex muscles near 1.0780 hurdle amid mixed feelings of ECB
EUR/USD clings to mild gains around 1.0760-65 as it lacks follow through of the previous day’s heavy run-up amid the market’s cautious mood ahead of the key US employment data. Softer Eurozone inflation, mixed comments from ECB officials prod Euro buyers.
GBP/USD grinds above 1.2500 as BoE vs. Fed play intensifies, US jobs report eyed
GBP/USD aptly portrays the pre-NFP anxiety in markets during early Friday as it seesaws around 1.2530 by the press time. In doing so, the Cable pair also justifies the latest challenges to the upside momentum flagged from London.
Gold eyes a sustained move above $1,992 on weak US Nonfarm Payrolls Premium
Gold price is treading water above the $1,970 level on the United States Nonfarm Payrolls (NFP) day, as the US Dollar (USD) is licking its wounds, in the face of an upbeat market mood and mixed US economic data releases.
Pro-XRP lawyer: Ripple losing the SEC lawsuit might be a blessing in disguise
XRP price made a decent recovery in the month of May, fueled by Ripple's chances of winning the lawsuit it is facing against the Security and Exchange Commission (SEC). The cryptocurrency has amassed a huge base of supporters, which might potentially expand further regardless of the outcome.
The US labour market: A closer look at the data
The US will release its official labour market report on Friday, and traders are busy. The fast-growing indicator for new vacancies rose again in recent years, reaching over 10 million in April, defying the expected drop from 9.7 million to 9.4 million.