US Retail Sales Rise Slightly, Holiday Season Looms

Retail sales in the US saw a slight increase of 0.2% in September, following a summer of stronger spending. However, this modest rise suggests consumers are moderating purchases due to a government shutdown delaying crucial economic data release. Spending was driven by rising prices at gas stations and grocery stores, while restaurants and bars saw a healthy gain. Sales at clothing, electronics, and sporting goods stores declined. Economists warn of further slowdown in consumer spending due to government shutdown, weaker job market, and ongoing inflation. Companies cut an average of 13,500 jobs a week in the four weeks leading up to November 8th, suggesting a potential slowdown in hiring. The upcoming winter holiday season is crucial for retailers, with forecasters expecting modest sales gains and the National Retail Federation projecting sales could top $1 trillion for the first time ever. The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.