U.S. retail sales grew 1.9 percent in September.
Retail sales in the United States have picked up faster than expected.
Sales increased by 1.9 per cent in September compared with retail sales in August. Analysts interviewed by the news agency Reuters estimate sales growth at 0.7 percent.
Sales of consumer products rose 1.4 percent in September, as analysts forecast a 0.1 percent contraction. Consumer products do not take into account the car trade, the fuel and building materials trade and the food services trade.
The U.S. Department of Commerce announced the figures on Friday.
Retail has returned to its February level in the United States. The coronavirus pandemic has boosted demand, especially for products consumed at home, such as furniture and electronics, according to Reuters.
As a result of higher-than-expected retail figures, stock prices opened up on Friday in the United States. About half an hour after the stock exchanges opened, the Dow Jones Industrial Average stock index had risen 0.7 percent and the S&P 500 stock index 0.5 percent. The rise in shares was also likely driven by news from coronavirus vaccine developer Pfizer that the vaccine could be exempted as early as November.
Financial despite activity figures and hopeful vaccine development news, the U.S. economic outlook remains bleak. The number of coronavirus infections detected has also been on the rise.
On Thursday, the country’s authorities said the number of new unemployment benefit applications last week was the highest in two months. Industrial production figures were also released on Friday, showing that industrial production shrank in September for the first time in five months.