Retail sales jumped 1.9% last month as consumers bought motor vehicles and clothing, dined out and splashed on hobbies, the Commerce Department said on Friday. That followed an unrevised 0.6% increase in August. Economists polled by Reuters had forecast retail sales would rise 0.7% in September.
Retail sales have bounced back above their February level, with the pandemic boosting demand for goods that complement life at home, including cars, furniture and electronics. Growth estimates for the July-September quarter are as high as a 35.2% annualized rate. The economy contracted at a 31.4% pace in the second quarter, the deepest decline since the government started keeping records in 1947.
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