Retail sales' decline suggests that consumers — the main pillar of the nation's economic growth — are starting to become shaky.
U.S. retail sales unexpectedly declined in September for the first time in seven months, according to data released Wednesday, suggesting that consumers — the main pillar of economic growth — are starting to become shaky. This potentially bolsters the case for the Federal Reserve to cut interest rates again.
Despite solid income growth and other favorable fundamentals for consumers, “there were a lot of gloomy headlines” in September on topics such as trade talks, said Stephen Stanley, chief economist at Amherst Pierpont Securities. “People might have gotten a little cautious.” A separate report Wednesday showed U.S. home builder sentiment climbed to the highest level since early 2018 amid cheaper borrowing costs and a still-sturdy job market.
Filling-station receipts decreased 0.7%, the report showed. The retail figures aren’t adjusted for price changes, so sales could reflect changes in gasoline costs, sales, or both.
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