US retail sales miss expectations in September
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The news: US retail sales slowed more than expected in September, notching a slowdown following a stretch of gains.
The numbers: The report, which was originally due to be published in mid-October but was delayed due to the US government shutdown, saw retail sales rise 0.2% after an unrevised 0.6% increase in August. Economists polled by Reuters had forecast retail sales rising 0.4%.
Excluding cars and gas, sales rose 0.1%.
The data released by the US Commerce Department's Census Bureau saw eight out of 13 categories post increases, fuelled by spending at gasoline stations, personal care stores and miscellaneous retailers.
Motor vehicle sales fell for the first time in four months and outlays on electronics, clothing and sporting goods also declined.
The context: Lower-income consumers are beginning to show signs of strain as rising prices and a softening job market are adding to concern among shoppers.
While high-income households have been driving spending, some economists are concerned that recent stock-market sell offs may prompt these shoppers to scale back spending.
Meanwhile, US wholesale inflation picked up in September from the month prior, reflecting higher energy and food costs, according to data from Bureau of Labor Statistics released Tuesday. The producer price index rose 0.3% from a month earlier after a 0.1% decline in August.
The sources: Census Bureau, Bureau of Labor Statistics, Reuters, Bloomberg
