China News Service, Washington, November 16 (Reporter Sha Hanting) The U.S. Department of Commerce released data on the 16th local time showing that U.S. retail sales in October increased by 1.7% month-on-month, the highest increase since March this year, and also higher than the market. Generally expected.
Data show that core retail sales after excluding automobiles, food and energy also increased by 1.7%, higher than market consensus.
Specifically, online sales increased by 4% month-on-month and 10.2% year-on-year; rising oil prices led to a 3.9% month-on-month increase in gasoline sales and 46.8% year-on-year growth; catering sales remained the same as the previous month, with a year-on-year increase of 29.3%; clothing sales The amount decreased by 0.7% month-on-month and increased by 25.8% year-on-year.
According to data released by the US Department of Labor on the 10th of this month, the US consumer price index in October rose by 6.2% year-on-year, creating the highest increase since 1990, with the prices of fuel, automobiles, and food all rising.
US media analysis believes that the October retail sales growth announced that day was partly due to rising prices, but it also showed that price increases did not hinder the enthusiasm of American consumers for consumption.
The rising wages brought about by the tight job market and the savings accumulated during the epidemic have boosted consumption.
Compared with before the epidemic, American consumers bought more cars, furniture and other items this year.
The Associated Press believes that October retail sales data indicate that the United States will usher in a strong holiday shopping season.
The performance data released by a number of large retail companies that day also showed that rising prices did not have much impact on the daily consumption of American consumers.
Both Wal-Mart and Home Depot reported better-than-expected results on the same day. Although supply chain problems led to increased costs, the substantial increase in sales still guaranteed considerable profits.
Experts believe that if inflation continues to increase, it will inevitably affect US household consumption, but in terms of current data, consumption and economic data at the end of the year are expected to perform well.