Industrial Production, Retail Sales Grow
Industrial production and retail sales both rose in September and exceeded growth expectations, according to and .
Whats going on: Industrial production increased 0.3% for the month, above the 0.1% gain expected, MarketWatch reports.
- Meanwhile, retail sales rose 0.7% for the month, more than twice the 0.3% rise estimated by Dow Jones, according to CNBC.
The details: In industrial production, [m]anufacturing rose 0.4% and motor vehicle production rose 0.3%, held down by the ongoing strike against three automakers, MarketWatch reports.
- For retail, the biggest increase [was] at miscellaneous store retailers, which saw an increase of 3%. Online sales rose 1.1% while motor vehicle parts and dealers saw a 1% increase and food services and drinking places grew by 0.9%, good for a yearly increase of 9.2%, which led all categories, according to CNBC.
What it means: The retail numbers indicate that consumers more than kept up with price increases, CNBC said, though that could change as employment growth is expected to slow.
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