October retail sales top estimates, September spending revised sharply higher

[BumRushDaShow]

Source: Yahoo! Finance

Updated Fri, November 15, 2024 at 10:29 AM EST


October retail sales grew from the prior month, reflecting continued resilience in the American consumer.

Retail sales rose 0.4% in October. Economists had expected a 0.3% spending, according to Bloomberg data. Meanwhile, retail sales in September were revised up to a 0.8% increase from a prior reading that showed a 0.4% increase in the month, according to Census Bureau data. Auto sales drove a majority of the gains in October's reading with sales in the sector rising 1.6%.

October sales, excluding auto and gas, rose just 0.1%, below consensus estimates for a 0.3% increase. The control group in Tuesday's release, which excludes several volatile categories and factors into the gross domestic product reading for the quarter, decreased by 0.1% in October, below estimates for 0.3% increase.

But both categories saw large revisions for September sales, though. Revisions showed sales in both groups increased 1.2% in September, up from a previous reading of 0.7% growth.

Read more: https://finance.yahoo.com/news/october-retail-sales-top-estimates-september-spending-revised-sharply-higher-133733716.html

[JustAnotherGen]

1. Enjoy it while it lasts

[Demobrat]

2. People are stocking up on non perishables

in anticipation of price hikes. TV and electronics sales are going to be through the roof this holiday season. Of course the spin will be that people are feeling confident, but it’s the opposite.

[yardwork]

9. These figures are from before the election.

These figures are more evidence that Bidenomics was working. Trump lied about the economy and the MSM let him lie.

[SunSeeker]

3. My circle of friends have agreed to not exchange Christmas presents this year.

I am only buying household essentials; no more clothes shopping, etc.

[OnlinePoker]

4. And, taking into account the other story, paying for it on credit cards.

The Trump recession, when he institutes the tariffs, is going to be pretty deep.

[Yavin4]

5. Can we stop with the "people are hurting economically" bullshit?

Yes, some people are hurting, but the majority is doing just fine. You don't get these numbers if people are suffering economically.

[IbogaProject]

10. whoa

60% of Americans live "paycheck to paycheck" and a large amount of them can't handle a $500 emergency expense. Yes most Boomers are doing fine, but ever since Reagan changed the FICA payroll deductions to be regressive the younger generations have been held back. Yes it is mixed across all age cohorts, but Milenials and Gen Y have a huge amount not doing well. Our economic statistics under report un and underemployment. And around 1/4 of our economic capital is tied up in tax exempt structures like Hedge Funds, Non Profit Endowments and such, those are really putting pressure on us regular consumers.

[Yavin4]

12. Are there people hurting? Yes, definitely. Are they the vast majority? No.

You would not be seeing the consumption data in the OP if the majority of people are hurting economically.

[Jit423]

6. But aren't people suffering, scared, and hardly making ends meet?

What a bad, bad economy we are in. Malls are empty, grocery stores are empty, the streets are empty, parking is available all over and easy to find because no one is shopping. Oh, wait... That was in 2020 during COVID when Trump was President...I just forgot for a moment.

[wryter2000]

7. But everyone is struggling to pay for food

Yeah, right

[PortTack]

8. Would be willing to bet November's numbers will crater

[tinymontgomery]

11. I don't know

Thanksgiving, then Christmas, then I think the spending will quit. Right now people still have some
money, when he takes office and starts the crap that is when the slow down will hit. I think people will
buy Christmas stuff. I think his supporters will spend right now because they don't believe
it's going to be bad.

Just my opinion