Retail sales rose 0.4% in September, better than expected; jobless claims dip
Consumer spending held up in September, underscoring a resilient economy that is now getting a boost from the Federal Reserve, the Commerce Department reported Thursday.
Retail sales increased a seasonally adjusted 0.4% on the month, up from the unrevised 0.1% gain in August and better than the 0.3% Dow Jones forecast, according to the advance report.
Excluding autos, sales accelerated 0.5%, better than the forecast for just a 0.1% rise. The numbers are adjusted for seasonal factors but not inflation, which rose 0.2% on the month as measured by the consumer price index.
In other economic news Thursday, initial unemployment claim filings totaled a seasonally adjusted 241,000, a decline of 19,000 and lower than the estimate for 260,000, the Labor Department reported.
Claims fell even following hurricanes Helene and Milton, which tore through the Southeast in recent weeks exacting tens of billions of dollars in damage. Filings in both Florida and North Carolina declined after jumping the previous week, according to unadjusted data.
Stock market futures were higher after the reports while Treasury yields also rose.
Together, the reports show that consumers, who power about two-thirds of all economic activity in the U.S., are still spending and the labor market is holding up after signs of weakening through the summer.
On the retail side, spending grew at miscellaneous store retailers, which showed an increase of 4%, as well as at clothing stores (1.5%) and bars and restaurants (1%). Those increases offset a 1.6% drop at gas stations as fuel prices fell, along with declines at electronics and appliances stores (-3.3%) and furniture and home furnishing businesses (-1.4%).
Sales increased 1.7% from a year ago, compared with the CPI rate of 2.4% for the same period.
The data comes from a month where the Fed cut its benchmark borrowing rate by a half percentage point and indicated more moves lower are likely this year and through 2025.
Policymakers have expressed confidence that inflation is on a glide path back to the Fed’s 2% target. However, they have expressed concern that the labor market is softening even with strong September payrolls growth and weekly claims that have stayed fairly in line after jumping due to the storm effects.
The European Central Bank on Thursday cut its key deposit rate by a quarter point, also expressing confidence on inflation along with concerns about a broader economic slowdown.
Despite the drop in initial filings, continuing claims, which run a week behind, edged higher to 1.867 million. Along with the declines in storm-ravaged Florida and North Carolina, claims decreased by an unadjusted 7,812 in Michigan, which had been hit by the Boeing strike.
The Philadelphia Fed also reported Thursday that its index of manufacturing activity rose to 10.3 for October, representing the difference between companies seeing expansion against contraction. The reading, up from September’s 1.7, was better than the estimate for 3.0.
Correction: The Philadelphia Fed index of manufacturing activity was 1.7 in September. An earlier version misstated the figure.
#Retail #sales #rose #September #expected #jobless #claims #dip
News plays a pivotal role in our lives by keeping us informed and connected to the world. It serves as a critical source of information, offering updates on current events, politics, economics, science, and more. Through news, we gain awareness of global issues and local developments, helping us make informed decisions in our personal and professional lives. News also fosters discussion and debate, encouraging critical thinking and perspective-taking. Moreover, it promotes transparency and accountability among governments, businesses, and other institutions. In a rapidly changing world, staying updated with the news enables us to adapt to new challenges and opportunities, shaping our understanding of the complexities of society. Ultimately, news is not just about information; it empowers us to participate actively in the world around us, contributing to a more informed, engaged, and responsible global citizenry.
Health is fundamental to our well-being and quality of life, making it an essential aspect of daily existence. It encompasses physical, mental, and emotional aspects, influencing our ability to function effectively and enjoy life fully. Prioritizing health allows individuals to maintain optimal physical fitness, reducing the risk of diseases and promoting longevity. Mental health, equally crucial, affects our cognitive abilities, emotional stability, and overall happiness. Investing in preventive healthcare through exercise, balanced nutrition, and regular medical check-ups helps in early detection of potential health issues, ensuring timely intervention and treatment. Beyond individual benefits, a population’s health impacts societal productivity and economic stability. Governments and organizations worldwide emphasize public health initiatives to address pandemics, health disparities, and promote overall well-being. Ultimately, health serves as the foundation upon which we build our lives, influencing our ability to pursue goals, nurture relationships, and contribute meaningfully to society.
Money plays a crucial role in our lives as a means of financial security and freedom. It enables us to meet basic needs such as food, shelter, and healthcare, while also providing opportunities for education, travel, and personal growth. Beyond material comforts, money facilitates social connections and experiences that enrich our lives. It empowers individuals to invest in their futures, whether through savings, investments, or entrepreneurial ventures, thereby fostering economic stability and growth. However, the pursuit of wealth should also be balanced with ethical considerations, as money can influence relationships and societal dynamics. Responsible management of finances is key to achieving long-term goals and mitigating financial stress. Ultimately, while money is a tool for achieving aspirations and fulfilling desires, its true value lies in how it is utilized to improve both personal well-being and the broader community.
Earning Easy Money in 2024: Opportunities and Considerations 💸
In 2024, the landscape of earning easy money presents diverse opportunities, albeit with considerations. The digital age offers platforms for freelancing, online trading, and e-commerce, allowing individuals to leverage skills and creativity for financial gain. Cryptocurrency investments continue to allure with potential for quick profits, yet they entail high volatility and risk. Moreover, the rise of the gig economy enables flexible work arrangements through apps and websites, offering quick payouts but often without job security or benefits. Passive income streams such as rental properties and investments in stocks or bonds remain viable, but demand initial capital and ongoing management. Amid these options, caution is essential to avoid scams and unsustainable ventures promising overnight success. Ultimately, while the allure of easy money persists, informed decisions, diligence, and a long-term perspective are crucial for sustainable financial growth and security in the dynamic year ahead.
