US retail sales grew moderately in September

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      Retail sales rose only slightly in September, offset by the biggest drop in restaurant and bar sales in nearly two years as car sales rebounded.
But other details of the report released by the Commerce Department on Monday are optimistic, suggesting strong consumer spending growth at the end of the third quarter, which should boost economic growth despite the unexpected drag on growth from weak exports and a sluggish housing market.
"Overall, consumer spending growth remained fairly strong in the third quarter," said Jim O'Sullivan, chief U.S. analyst at High Frequency Economics.
Retail sales rose slightly by 0.1% last month, unchanged from August. Economists surveyed by Reuters predicted a 0.6% increase in retail sales in September.
Retail sales in September increased by 4.7% over the same period last year.
Core retail sales excluding cars, gasoline, building materials and food services increased by 0.5% last month. Core retail sales are most closely related to consumer spending in gross domestic product (GDP).


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