September Retail Sales Look Good—Until You Factor in Gas Prices

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Retail sales were strong last month, continuing the rebound seen after a surprise increase in August. But rising gas prices were the primary driver behind the gains.

Retail sales rose 0.8% in September. Economists had expected an increase of 0.3% rise, according to FactSet.

Without auto and gas, spending increased by 0.2%. High gas prices also increased inflation in September. The consumer price index jumped to 3.7% year over year last month.

August retail sales were revised higher to 1.3% in from a prior reading that showed a 1.1% increase, according to the Census Bureau.

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September is generally a quiet month for retail in the U.S. It comes before large sales in the autumn drive growth and lead into the holiday shopping season.

Write to Nicole Goodkind at nicole.goodkind@barrons.com

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