Surprising Surge in US Retail Sales Defies Consumer Slowdown

Retail sales in the US unexpectedly rose by 0.7% in September, surpassing economists' projections, despite concerns over inflation, high interest rates, and a potential economic recession. Consumers increased spending on groceries, gas, health and personal care, and online shopping, but reduced spending on electronics, appliances, garden supplies, and clothing. While a strong job market and wage increases have supported consumer spending, economists anticipate caution in the coming months due to the resumption of student loan payments, high interest rates, and increased reliance on credit cards.