- Spending at US retailers rose 0.7% in September to $625 billion, the Census Bureau said Friday.
- The jump trounced the median economist estimate of a 0.2% decline.
- The increase came as the Delta wave began to fade, but also as the hiring recovery sharply slowed.
Spending at US retailers and restaurants unexpectedly bounced up in September as the Delta wave hit its peak and started to ease.
Retail sales rose 0.7% last month to $625 billion, the Census Bureau said Friday morning. That exceeded the median estimate of a 0.2% decline from economists surveyed by Bloomberg.
It also marks a continuation from the 0.9% jump seen in August. That month's count was revised to $621 billion in sales to $619 billion.
Though sales have steadily declined in recent months, spending remains healthily above the trend seen before the pandemic. Much of the boost was powered by the $5 trillion in stimulus passed by President Donald Trump and President Joe Biden since the crisis began. Consumer spending typically counts for 70% of economic activity, meaning it's a key driver of the economic revival after months-long lockdowns and lingering restrictions. The latest print suggests American spending is still reliably pushing the recovery forward.
Spending rose the most at sports goods and hobby stores, with the sector seeing a 3.7% jump in sales. The merchandise and gas-station sectors followed with 2% and 1.8% gains, respectively.
Other businesses fared worse. Health and personal care stores saw spending slide 1.4% last month, the most of any category. Electronics and appliance stores followed with a 0.9% slide in sales.
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