Retail sales in the US in September grew above forecasts – Kommersant
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The US Department of Commerce yesterday, October 17, published data on retail sales at the end of September. Compared to the previous month, they grew by 0.7%, significantly exceeding the forecasts of analysts, who expected growth of only 0.3%.
Including September, U.S. retail sales rose for the sixth month in a row. By opinion experts at Oxford Economics, this could have an impact on the Fed’s decision on the discount rate – higher-than-expected sales growth could support inflation, which will give the Fed additional incentive to raise rates again to reduce inflation. “The economy is entering the fourth quarter with stronger momentum than we previously expected,” said Michael Pearce, an economist at Oxford Economics. “This momentum means the Fed could raise rates again.”
Such assumptions are supported by the words of Fed Chairman Jerome Powell, who said back in September: “We are not seeking to reduce consumer spending – it’s good when the economy is growing. But if the economy is moving faster than expected, that simply means monetary policy needs to do a little more to get back to 2%, the Fed’s target for annual inflation this year.— ”b”)”.
Read more about the regulator’s assessment of the US economy in the Kommersant article. “The Fed postponed rates”.
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