Retail Sales Unchanged in September as Consumers Spend More on Clothing, Food and Health Care – U.S. News & World Report

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Leading the rise were sales of groceries, clothing and health and personal care items.

Retail analysts say that consumers have been switching their spending habits as inflation, now running at an annual rate of 8.2%, takes a bigger bite out of everyday purchases like food, gasoline and medicine.

The Federal Reserve, meanwhile, has been driving up the cost of credit, with mortgage rates now double what they were a year ago.

Surveys by private firms who track spending through credit card sales and point of service terminals show a somewhat different picture than the official government data.

“On a yearly basis, our data shows spending is up over 8% which tells us the economy is recovering, although it is difficult to ascertain which areas are truly rebounding faster than others as there has never been a more fragmented consumer landscape, and broad economic indicators are often no longer enough to truly understand changing consumer…

Read Full Story: https://www.usnews.com/news/economy/articles/2022-10-14/retail-sales-unchanged-in-september-as-consumers-spend-more-on-clothing-food-and-health-care

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