The retail sales report showed no signs of weak consumption, which reduced the probability that the Federal Reserve would cut interest rates in November from 95% to 87%. Non-physical retailers continued to perform strongly, up 7.1% from last year. Food services and beverages also performed well, up 3.7% year over year, which is a good sign of consumer health. Strong sales data shows that consumption has shown resilience in the face of rising inflation and rising interest rates.

The retail sales report showed no signs of weak consumption, which reduced the probability that the Federal Reserve would cut interest rates in November from 95% to 87%. Non-physical retailers continued to perform strongly, up 7.1% from last year. Food services and beverages also performed well, up 3.7% year over year, which is a good sign of consumer health. Strong sales data shows that consumption has shown resilience in the face of rising inflation and rising interest rates.