VOLUME 221: WEEK ENDING OCTOBER 19, 2024
The 0.4% rise in headline retail sales for September was driven by a strong increase in underlying control group sales, putting real consumption on track for 3.2% annualized growth in Q3.
By sector, gasoline station sales fell by 1.6%, primarily due to price-related factors. Significant declines were also seen in housing-related categories, such as large electronics and furniture stores, likely due to Hurricane Helene, which halted construction activity across much of the South in the month’s final week.
The October report may be particularly volatile, with the combined effects of Hurricanes Helene and Milton, alongside sales events at Amazon and Walmart. However, retail sales are expected to rebound from November onward as reconstruction efforts pick up and delayed projects resume.
Source: Oxford Economics, Trading Economics
