Market Updates
September Retail Sales Indicate Resilient Consumer Spending
Brian Turner
17 Oct, 2023
New York City
Retail and food services sales unadjusted for inflation rose 0.7% from the previous month and advanced 3.8% from the previous year in September from an upwardly revised 0.8% increase in August.
The retail sales are adjusted for seasonal and calendar changes but not adjusted for price changes or inflation.
Retail trade sales were up 0.7% from August, and up 3.0% above last year and nonstore retail sales were up 8.4% and food services and drinking places sales were up 9.2% from a year ago respectively.
Retail sales rose for the sixth month in a row when measured on a monthly basis and advanced at the fastest pace in seven months on an annual basis.
The hotter-than-expected retail sales data lifted 10-year U.S. Treasury yield to 4.80% and the yield hovered near 16-year high.
Benchmark indexes traded down after the release of retail sales figures supported the case for one more rate hike in 2023 and higher rates through 2024.
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