U.S. retail sales increased more than expected in September as households boosted purchases of motor vehicles and spent more at restaurants and bars, suggesting the economy ended the third quarter on a strong note.
Retail sales rose 0.7% last month, the Commerce Department said on Tuesday. Data for August was revised higher to show sales advancing 0.8% instead of 0.6% as previously reported.
Despite the show of resilience, headwinds are rising for consumers. Higher interest rates as the Federal Reserve tackles inflation have pushed credit card delinquencies to an 11-year high. Consumers are increasingly relying on credit cards to fund purchases. Millions of Americans resumed payments on student loans in October, which economists estimated equal to roughly $70 billion, or around 0.3% of disposable personal income.
Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.6% in September. Data for August was revised up to show these so-called core retail sales gaining 0.2% instead of 0.1% as previously reported. Gross domestic product growth estimates for the third quarter are currently as high as a 5.1% annualized rate.
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