Consumer Spending Has Slowed but 'Remains Solid': NRF
Consumer spending has “gradually slowed but remains solid,” said National Retail Federation Chief Economist Jack Kleinhenz in a Wednesday retail update. Retail sales, excluding automobile dealers, gas stations and restaurants, inched up 0.7% in October, NRF said. Electronics and appliance…
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store sales slipped 0.3% in the month. Consumers “continue to show resiliency despite elevated inflation, rising borrowing costs and widespread macroeconomic uncertainties,” Kleinhenz said. He cited early October holiday deals as drivers for retail sales gains in the month, saying more will be seen in November and December. On a Wednesday earnings call, Target executives cited a falloff in consumer demand toward the end of October that has continued into November (see report, this issue).