We're encouraged by the year-over-year strength in online sales and food services and we think TJX can outshine any slowdown in clothing.
Looking ahead, the September numbers don't reflect the restart of student loan payments. We're going to have to see if that slows consumers down. If student loans were to be a drag on Americans' spending, then the Fed might be able to overlook the stronger September retail sales and not put the data in the "we need to hike again" category. We're also optimistic heading into the holiday shopping season.
U.S. retail sales for last month came in much stronger than expected on Tuesday, signaling shoppers were not deterred by sticky inflation. That's certainly good news overall for consumer stocks.
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