The Dow Jones (DJIA) is trading higher on Tuesday, shrugging off September’s lackluster retail sales data from the Census Bureau. The data was originally scheduled to be published in mid-October but was pushed back due to the government shutdown.
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New trading tool for QQQ bullsRetail sales grew by 0.2% month-over-month, falling short of the consensus estimate of 0.4%. The sales control group, which excludes volatile items like autos and gasoline, fell by 0.1%, also below the estimate of a 0.3% gain.
Retail Sales Cool ahead of Key Holiday Season
The data comes after a strong stretch of retail sales, which grew by 0.6% in both August and July. The expiration of EV credits at the end of September may have factored into the sales weakness as consumers rushed to complete purchases.
Spending from high-income households continues to drive sales growth, with middle-income and lower-income households taking a harder hit from rising costs. Some economists note that recent weakness in the stock market could risk reduced spending from high-income households ahead of the important holiday season.
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