Retail Sales rose 0.4% in September, above the 0.3% gain the market was expecting. The Core reading, which gets plugged into GDP, rose a much stronger than expected 0.7%, which may lead to stronger GDP estimates down the line.
What’s the bottom line? Overall, the sales figures for September show that consumer spending remains resilient, and strong spending is expected to continue this holiday season. The National Retail Federation (the world’s largest retail trade association) has projected that holiday sales are expected to increase between 2.5% and 3.5% compared to last year.