The US Commerce Department said yesterday that retail sales rose a seasonally adjusted 1.3 percent in October, which the Wall Street Journal writes is “a sign of economic strength that leaves the Federal Reserve likely to keep raising interest rates as it tries to reduce persistently high inflation.”
The Journal goes on: “Shoppers spent more on increasingly expensive everyday staples such as gasoline and food, but they also shelled out more on discretionary items such as cars, furniture and restaurant meals. Some of the spending was due to purchases of building materials and home furnishings in the aftermath of Hurricane Ian, economists said.”
The New York Times writes that the increase “was higher than expected and a promising reflection of consumer sentiment during the holiday shopping season, especially since the near-record-high inflation Americans have felt this year has moderated a bit.
But that spending was boosted by the earlier-than-usual holiday deals that enticed shoppers last month. For the first time, Amazon held a Prime Day in October, filling the site with discounts, in addition to its usual time in June. Target rolled out its Deal Days. And Kohl’s offered promotions on toys throughout the month. After last year’s holiday season, which featured few traditional doorbuster sales, many shoppers, it now seems, are looking for discounts before they buy.”
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