Retail sales in the United States rose by 0.4% in September 2024, surpassing market expectations of 0.3%. This marks a steady increase from August's 0.1% gain, as reported by the US Census Bureau. The retail sector's growth underscores resilient consumer spending, despite ongoing inflationary pressures.
Non-store retailers, which include e-commerce platforms, saw a robust 7.1% year-over-year growth. Additionally, food services and drinking establishments experienced a 3.7% increase compared to September 2023, reflecting Americans’ continued spending on dining out. Total retail and food service sales reached $714.4 billion in September, a 1.7% increase from the same time last year.
This growth in retail sales provides further evidence that the US economy remains resilient, supported by strong consumer demand, even as interest rates and inflation concerns persist. As the holiday shopping season approaches, these trends may point to continued consumer activity in the final quarter of the year.
