US retail sales rose above expectations in September

US retail sales rose 0.7 percent month-on-month in September, beating expectations.

The US Department of Commerce announced retail sales data for September.

Thus, retail sales increased in September by 0.7 percent compared to the previous month, reaching 704.9 billion dollars. Market expectations were that retail sales would increase by 0.3 percent month-on-month during this period. Retail sales rose 0.8 percent in August.

Retail sales in the country rose 3.8 percent annually in September. Retail sales rose 2.9 percent annually in August.

While the largest increase was recorded in sales at several retail stores last month, the increase in retail sales was highlighted by the increase in sales at stores selling motor vehicles and parts, food and beverages, and service stations .

A decline was recorded in sales of electronics and appliances, construction materials and gardening equipment, and clothing stores.

Analysts noted that the data indicates that consumer spending remains strong despite higher prices and borrowing costs. (AA)