September retail sales crushed expectations

Retail sales increased 1.9% in September, the U.S. Census Bureau reported Friday, marking the fifth consecutive month of growth.

Economists had projected a 0.7% increase.

Retail sales have seen positive growth since May when they skyrocketed 18% after collapsing a record 14.7% in April and 8.3% in March because of the economic shutdown to slow the spread of the coronavirus.

Despite the recent increases in sales, the pace of purchasing has slowed. A likely contributor to the slowdown is that the level of hiring has also fallen.

The economy added
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