Strong hiring, robust pay raises, and wholesome financial savings for a lot of households are underpinning sturdy spending.
Individuals are additionally nonetheless shopping for extra vehicles, furnishings, and different items than they did earlier than the pandemic, which is overwhelming U.S. ports and delivery corporations and pushing up costs. The strong spending final month suggests the vacation purchasing season is off to a robust begin.
Tuesday’s retail gross sales figures aren’t adjusted for inflation, which rose 0.9% in October, the federal government stated final Wednesday. In some classes, equivalent to gasoline station gross sales, which rose 3.9% in October, a soar in gasoline costs accounted for almost all of the acquire…
