Shoppers south of the border kept merchant registers clanging in October,, spending more online and buying more cars, to offer proof that consumers can still drive the economy’s growth.
The U.S. Commerce Department said Friday that retail sales rose 0.3% ilast month, countering a 0.3% drop the previous month. Sales increased 3.1% compared with a year ago.
The figures suggest higher tariffs on many consumer products imported from China, imposed in early September, as well as broader trade uncertainty, did not hold Americans back from spending. Consumers remain mostly optimistic and willing to make large purchases, such as autos, even as businesses cut back on investment and exports stall.
The figures suggest spending during the upcoming Christmas holiday could be even more encouraging. The unemployment rate in the States is near a 50-year low and wages are rising, encouraging more shopping.
