US retail sales higher in September
The Commerce Department today revealed US retail sales grew at their quickest pace in seven months in September.
According to the Department, sales gained 1.1% on a monthly basis – boosted by clothing and car sales.
The figures were better than the 0.7% rise expected by analysts.
Furthermore, August retail sales were revised up to a 0.3% increase after reporting that volumes were unchanged.
US spending is closely monitored as it accounts for more than two-thirds of economic output.
Today’s figures will ease concerns that the world’s largest economy is heading for a double-dip recession and third quarter growth is now expected to be better than originally forecast.
Meanwhile, sales of cars and parts rose 3.6% – the biggest increase since March 2010.
In other news, consumer confidence recovered last month after slumping in August to its lowest in more than 30 years.
Confidence was battered over the summer months when US lawmakers were in tense negotiations over the country’s debt burden.