Americans continued to spend at a solid pace in September, even as they faced the impact of higher prices at grocery stores, car lots and restaurants, as collapsed global supply chains are slowing the flow of goods.
Retail sales rose 0.7% in September, a seasonally adjusted figure, from the previous month, the US Department of Commerce reported on Friday.
The figure was stronger than expected. Nevertheless, Concerns remain about buyers’ resilience if prices continue to rise and shortages lead to frustration heading into the crucial holiday season.
Consumer spending represents about 70% of all economic activity in the country and a sustained recovery after a pandemic-induced recession will require its activity.
However, there is no evidence that Americans have trouble recouping their spending. Its consumption last month was high in all areas, from clothing, sporting goods and toy stores to cars.
“They come to enjoy the experience with their families, something they haven’t been able to do in a long time,” said Tiffany Markofsky, communications director for Camp, a small chain of toy stores.
Part of the increase in consumer spending is the direct result of rising prices. A gallon of gasoline costs about a dollar more today than it did a year ago, so in many cases Americans are not buying more, but paying more.
The federal government reported this week that prices paid by consumers in the United States increased 0.4% in September and have risen 5.4% in the last 12 months, reaching the fastest pace since 2008. Everything turned around. more expensive: gas, furniture, cars and visits to the grocery store or restaurant.
“American consumers still have a lot left in the tank despite some more expensive and hard-to-find items,” wrote Sal Guatieri, senior economist and director of BMO Capital Markets, in a report released Friday.
Associated Press journalist Chris Rugaber in Washington contributed to this report.
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