Retail Sales Beat Expectations in September Despite Looming Economic Concerns

Retail sales unexpectedly jumped 0.7% in September, exceeding economists' projections. Excluding autos and gas, sales rose 0.6%.

Consumers spent more at grocery stores, gas stations, health stores, restaurants, and continued strong online shopping. Sales rose in 8 of 13 retail categories.

Job market and wage growth have buoyed spending despite high inflation, interest rates, and recession fears.

Economists expect consumer caution ahead as student loans resume and rates impact economy.

Credit card debt topped $1 trillion in 2022, while delinquencies hit 11-year high in August. Early signs of strain for consumers.