The Commerce Department reports that retail sales in September rose 0.7%, surpassing the 0.3% rise expected by economists, and reflecting the sixth consecutive monthly gain.
Spending at restaurants increased by 0.9%, while online spending rose by 1.1%. The report also revealed that sales at general merchandise stores rose by 0.4%.
The robust sales report suggests American consumers are not pulling back on their spending, despite efforts by the Federal Reserve to cool spending and hiring.
However, other financial analysts point out that the report does not reflect the resumption of student loan payments, which kicked in during October. Read more.