U.S. Retail Sales Rebound

The brisk uptick over the past two months is the rosiest outlook in two years.

November 16, 2016

WASHINGTON, D.C. – American shoppers had a good two months, spending enough to boost retail sales 1% and 0.8% in September and October, respectively, according to the U.S. Department of Commerce, the Wall Street Journal reports. Those numbers have spurred hope for a robust holiday season.

The gains in October and September are the best consecutive 60 days in at least two years. “The consumer is in very good shape and is poised to continue to lead the economy forward based on rising wages, low unemployment and clean balance sheets,” said Stephen Stanley, chief economist at Amherst Pierpont.

Since consumer spending is two-thirds of the U.S. economy, when Americans open their wallets, economic growth shouldn’t be far behind. This latest uptick in consumer spending might start the economic ball rolling into the New Year.

Retailers are predicting better sales trends and increased optimism for the 2016 holiday season. This week’s report also indicated car sales were up, as well as gasoline prices driving more spending at convenience stores.

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