U.S. retail sales have risen faster than expected

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Washington (AB / Bloomberg) – US retail sales rose more than expected in October. U.S. consumers seem to have begun their purchases ahead of the holiday season due to supply problems and fears of empty store shelves.

Consumer spending accounts for three-quarters of the U.S. economy. Recent figures from the U.S. Commerce Department show that sales rose 1.7 percent last month. This is the strongest increase since March this year. In September, sales rose a modified 0.8 percent. Activists generally expect a 1.4 percent increase in sales.

Retail sales, among other things, are driven by increased savings during corona epidemics and wage increases in the United States. Although wholesale retail sales are higher than before the corona virus, sharp rising inflation threatens to erode consumer confidence. Inflation in the United States reached its highest level in October in more than thirty years. High inflation will undermine the purchasing power of households.

The quarterly results of major US retailers Walmart and Home Depot showed that despite high inflation putting pressure on their purchasing power, American consumers will continue to spend their money.

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