US retail sales jump in September on strong demand for autos
(ShareCast News) - US retail sales soared in September led by a surge in those for motor vehicles and parts.
In seasonally adjusted terms, total sales volumes jumped by 1.6% month-on-month in September to reach $483.9bn, according to the Department of Commerce.
That was exactly as expected by economists.
Excluding autos and parts, sales of which soared by 3.6% on the month, total volumes were up by 1.0% at $383.83bn (consensus: 0.9%).
Retail sales without automobiles and gasoline, the so-called 'control group', which feeds directly into the government's estimates of gross domestic product each quarter, grew by 0.4% on the month.
Building material and garden equipment stores also put in a strong showing, with sales ahead by 2.1% to $32.31bn while gasoline station sales were 5.8% higher at $39.41bn.
Versus the year-earlier period, retail sales volumes grew 4.4%.
"Retail sales very likely will fall in October, but they won't reverse all the Sep gain. We're expecting total consumption to rise at a 2.0% rate in Q3 and 1.5% in Q4, with a rebound to 3% or so in Q1 next year," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note sent to clients.