U.S. retail sales increased at a healthy pace last month, easing worries that soaring price pressures and falling real incomes are starting to significantly curtail consumption. Get your market update from DColmanFX here:
U.S. retail sales increased at a healthy pace last month, easing worries that soaring price pressures and falling real incomes are starting to significantly curtail consumption. According to the Commerce Department,grew 0.9%, in line with the median forecast in a Bloomberg News survey. Stripping away autos, the value of retail purchases topped projections, rising 0.6% versus consensus expectations for a 0.4% advance.
S&P 500 futures held gains immediately after the consumer report card crossed the wires, rising around 1.4% to 4,060 in the pre-market session. With household spending on firm footing, the broader economic outlook remains positive, given that consumption expenditure accounts for roughly 70% of GDP. That said, the retail sales figures may help alleviate the extreme state of pessimism on Wall Street and mounting concern that the U.S. economy is headed for a recession.
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