Consumer Behavior

Retail sales up in October

Photo by istock.com

November 17, 2022

Despite a flurry of reports that consumers are cutting back on spending as the holiday season arrives, retail sales in October rose 1.3% with consumers spending on food and big ticket items such as cars and furniture.

The news comes amidst inflation concerns and rising interest rates, according to a Wall Street Journal report.

In fact, inflation eased up last month, according to the Labor Department, but economy experts are paying close attention to consumer activity this month.