US September retail sales beat estimates but were concentrated in gasoline,
masking mixed demand elsewhere, the Commerce Department said Thursday. Nominal
retail sales rose 0.8% MoM in September (August revised to +1.3%); core retail
sales excluding autos and gasoline rose 0.2%. Of 13 retail categories, eight
increased; gasoline sales jumped 6.4%, while spending on hobby goods and
building materials fell; furniture, electronics and restaurants rose. The data
show consumption momentum eased into quarter-end as price pressures intensified;
accelerating inflation is further eroding real wages and squeezing household
budgets. Executives at Domino's and Albertsons said on recent earnings calls
many consumers remain under strain.
