US retail spending rose in October but growth slowed, CNBC/NRF monitor says
In brief
- U.S. retail spending rose in October, the CNBC/NRF Retail Monitor showed, per Crypto Briefing.
- Spending growth slowed in October as costs rose, the report said.
- High prices continue to strain household budgets, Crypto Briefing said.
- BLS has not yet released the official October year-over-year CPI rate.
What the Retail Monitor showed
Spending went up, just more slowly than before.
Crypto Briefing's report on the CNBC/NRF Retail Monitor says U.S. consumers boosted retail spending in October, though the growth pace slowed amid rising costs. The write-up doesn't give a growth percentage (so we won't guess at one), but it's clear about the direction and about where the pressure sits.
That pressure is prices. According to the outlet, high prices continue to challenge household budgets despite the increase in retail sales. That's Crypto Briefing's reading of the data: more money is going out the door, and households are feeling it.
The inflation question
Crypto Briefing also cited the Consumer Price Index rising 0.4% month over month in October after a 0.6% increase in September. Treat that October figure with care. The same report says the official October year-over-year CPI rate is still to come from the BLS, and it describes that release as the key indicator for whether inflation sits above or below 3.2%.
It's a threshold to watch. It isn't an outcome yet.
The outlet said the pressure of high prices could affect future spending behavior and inflation expectations. Again, that's its interpretation, and the report doesn't put numbers on how big (or how fast) any shift in consumer habits would be.
What comes next
Two things, per Crypto Briefing. The first is the BLS release itself, which the outlet said could offer more clarity on inflation trends once it lands. The second is commentary from Federal Reserve officials, whose remarks it said may affect market expectations and monetary policy.
Neither has happened yet, so for now the picture is a partial one: a retail survey showing consumers still spending, a slower growth pace as costs climb, and an official inflation print that hasn't been published. Whether October's spending holds up against those prices is the question the next round of government data will have to answer.
