Retail sales surged by 1.3% in October as consumers continue to spend despite inflation | CNN Business

US retail sales rose 1.3% in October, the Census Bureau reported Wednesday. That’s the biggest monthly gain since February and better than the 1% economists had expected. Consumer spending was flat in September. Retail sales, which are not adjusted for inflation, were up 8.3% for the 12 months ended in October, slightly down from September’s 8.6%.

5 trillion, we expect we will soon see a notable pullback in consumer spending activity under the weight of inflation and elevated interest rates.” Still, the strength of consumer spending, while good for the economy, could present challenges for the Fed. “Even after adjusting for inflation, consumers are spending more,” Wells Fargo economists Tim Quinlan and Shannon Seery wrote in a note.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Some retail store credit cards now carry APRs of more than 30% | CNN BusinessON YOUR SIDE: There had been a threshold that few issuers of store-branded credit cards had been willing to surpass: the 30% annual percentage rate. onyourside creditcards apr alabamanewsnetwork
Source: ALNewsNetwork - 🏆 583. / 51 Read more »

Video: Is 'quiet quitting' over on CNN Nightcap | CNN BusinessInsider's senior correspondent Aki Ito tells 'Nightcap's' Jon Sarlin why a recruiter who embraced 'quiet quitting' is now back to working 50 hours a week and why 'quiet quitters' may now be losing their bargaining power at work. For more, watch the full Nightcap episode here. Why'd they steal the overwatch font? Quiet quitting isn't new. People have been doing this since jobs were invented. Sure thing corporate overlords.
Source: CNN - 🏆 4. / 95 Read more »