Shoppers are still spending despite rising prices and supply chain woes
By Nathaniel Meyersohn, CNN Business
Prices on consumer goods are rising in the United States and tangled supply chains are making it harder for shoppers to always get exactly what they want. But these factors are not yet slowing down US shoppers.
Consumers are still dishing out on sporting goods, clothing, furniture, and groceries and spending at bars and restaurants, data from the Commerce Department showed Friday.
Retail sales in September grew 0.7% from the month earlier, beating economists’ forecast for a 0.2% decline. Retail sales in August were also revised upward to a 0.9% monthly increase, up from a previous estimate of 0.7%.
The data are promising signs about consumers heading into the winter and pivotal holiday shopping stretch for retailers, despite higher prices, shortages and Covid-19 cases.
“Consumer spending has been remarkably resilient throughout [the pandemic], especially on goods,” Ted Rossman, senior industry analyst at CreditCards.com, said in an email to clients Friday. “Many Americans have already started their holiday shopping and retailers should have a strong holiday season”
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