WASHINGTON (AP) — U.S. retail sales rose last month at a healthy pace in the latest sign that consumer spending is driving the economy's steady growth.
Retail purchases rose 0.4% from September to October, the Commerce Department said Friday, a solid increase though less than the previous month's robust 0.8% gain. Auto dealers, restaurants and electronics stores all reported higher sales.
Last month's rise in retail purchases suggests that the economy is growing briskly again in the current October-December quarter, after having expanded at a sturdy in the previous quarter. Since peaking at 9.1% more than two years ago, inflation has sunk to . And Americans' take-home pay, on average, has surpassed inflation for about 18 months.
Still, the post-pandemic inflation spike has left prices about 20% higher than they were three years ago and dimmed Americans' outlook on the economy. That was a key reason why Donald Trump was able to with the Biden-Harris administration and recapture the White House in last week's election.
Yet despite high price levels, Trump will inherit an economy in which spending is strong, growth is solid and .
Christopher Rugaber And Anne D'innocenzio, The Associated Press
