U.S. Retail Sales Climb More Than Expected Amid Higher Gas Prices
(RTTNews) - The Commerce Department released a report on Thursday showing retail sales in the U.S. increased by much more than expected in in the month of September.
The report said retail sales climbed by 0.8 percent in September after surging by an upwardly revised 1.3 percent in August.
Economists had expected retail sales to rise by 0.3 percent compared to the 1.2 percent jump originally reported for the previous month.
Excluding an uptick in sales by motor vehicle and parts dealers, retail sales still grew by 0.9 percent in September after shooting up by 1.4 percent in August. Ex-auto sales were expected to climb by 0.5 percent.
The stronger-than-expected retail sales growth partly reflected a continued surge in sales by gas stations, which soared by 6.4 percent in September after spiking by 4.0 percent in August amid higher gasoline prices.
The report said retail sales excluding gas stations rose by 0.2 percent in September after jumping by 1.0 percent in August.
Sales by department stores, furniture and home furnishings stores and food services and drinking places saw notable growth, while sales by miscellaneous store retailers fell sharply.
The Commerce Department also said core retail sales, which exclude automobiles, gasoline, building materials and food services, crept up by 0.1 percent in September after surging by 1.2 percent in August.
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