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Retail sales up 0.7% in September as American consumers defy rising prices, interest_我的网站

A |     NEW YORK -- Americans showed their steadfast resilience and kept spending online, at restaurants and other outlets in September even as they grappled with higher prices, rising interest rates and a host of other headwinds piling up.Retail sales rose 0.7% in September, more than twice what economists had expected, and close to a revised 0.8% bump in August, the Commerce Department reported Tuesday. Retail sales in August were inflated after gasoline prices spiked, however. That was not the case in September when gas prices rose more slowly.A closely watched category of retail sales that excludes auto dealers, gas stations and building materials and feeds into the gross domestic product jumped 0.6% last month compared to the prior month.Tuesday's sales figures aren't adjusted for inflation, but the cost of goods barely rose last month, so the increased spending isn't a reflection of higher prices. Prices for durable goods, such as those sold by appliance and electronics stores, actually fell last month.The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including health care, travel and hotel lodging. But it does cover spending at restaurants, which had a solid 0.9% increase. Spending online rose 1.1% last month, according to the report. Sales at general merchandise stores rose 0.4%. Sales at home furnishings and furniture stores were flat, while electronics stores and outlets that sell building materials saw declines reflecting a difficult housing market. The retail sales report, which reflects the sixth consecutive monthly gain, reinforces the fact that American consumers, as a whole, are showing no signs of pulling back on their spending, which powers most of the economy. That spending comes despite attempts by the Federal Reserve to cool spending and hiring. That's good news heading into the critical holiday shopping season. But the robust sales report also means that the Fed officials could leave the door open for additional rate hikes. That means that shoppers could face higher interest rates for awhile.“If the cost-of-living crisis has hit consumer confidence, you wouldn’t know it judging by a second month of strong retail sales with the consumer buying everything that wasn’t nailed down,” said Christopher S. Rupkey, chief economist at FWDBONDS LLC, a financial markets research company. “Fed officials have another rate hike this year up on their forecast board, and they will need to use it, if the economic data continues to surprise economists on the upside.” Still, questions remain whether shoppers will finally buckle under more bad news piling up from federal budget wrangling, the resumption of student loan repayments, and new global tensions tied to the Oct. 7 surprise attack by Hamas in Israel. The moratorium on student loan payments lifted Oct. 1. Analysts say that shoppers could also become rattled if the Israel-Hamas war is not contained.Moreover, the relentless spending by shoppers also comes at a cost to their household finances.“We have repeatedly under-estimated the U.S. consumer, “ said Tim Quinlan, a senior economist at Wells Fargo Economics. ”But in pulling off this spending spree, consumers have dented their household finances, a theme that is evident not only in the diminished savings, but also the trend rise in credit card delinquencies.”Healthy consumer spending is expected to lift the economy's growth rate to about 3.5% or possibly even higher in the July-September quarter. September's strong sales also suggests the economy may not slow as much in the final three months of the year as previously expected, analysts said. The retail sales report came as businesses across the U.S. economy ramped up hiring in September, defying surging interest rates, and the ongoing threat of a government shutdown. The strength of hiring has surprised economists inside and outside of the Fed. Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace. The report from the Labor Department also showed that year-over-year inflation was flat last month from a 3.7% rise in August.Meanwhile, retailers are pulling out discounts and other incentives to get shoppers to open their wallets for the holiday season as they worry about shoppers' finances. Best Buy, the nation's largest consumer electronics retailer, unveiled a new experience that gives shoppers a chance to access some of the biggest deals and cool gadgets of the holiday season. The items, which kicked off late last month, are only available in limited quantities and exclusively through the Best Buy app. ——————AP Economics Writer Christopher Rugaber contributed to this report from Washington.——————Follow Anne D’Innocenzio: http://twitter.com/ADInnocenzio。    New Delhi, Oct 19 (UNI) A Special Court in Delhi adjourned till Thursday the hearing on the money laundering case against Delhi Health Minister Satyendar Jain and others.

Special Judge Vikash Dhull after hearing part arguments on the bail application on behalf of Vaibhav Jain and Ankush Jain said, "Put up tomorrow for hearing remaining arguments. Superintendent, Tihar Jail is directed to produce accused Satyendar Jain, Vaibhav Jain and Ankush Jain through video conferencing tomorrow. "

Counsel for Jain has submitted that the petition challenging the transfer order the case from one Special Court to another Court passed by Ld. Principal District & Sessions Judge-cum-Special Judge (PC Act) pending before Supreme Court of India has been withdrawn.

The Principal District & Sessions Court of Rouse Avenue, New Delhi on September 22 transferred the matter registered under the provisions of Prevention Money Laundering Act against Satyendar Jain from the Court of Special Judge Geetanjali Goel to Special Judge Vikash Dhull. Jain challenged the order of transfer in High Court and Apex Court and later on withdraw the same from Apex Court.

Government Counsel for ED opposed the bail application by submitting that Jain served as a Health Minister in Delhi may managed to get forged documents and can influence the doctors and Jail official.

Counsel for Jain opposed the application of ED by submitting that this is a malafide application to derail the trial and to prolong the custody of Jain. He contended that Jain is neither a Health Minister nor Jail Minister but is in jail and because the hospital where Jain was admitted under the control of Delhi Government is no ground to alleged bias in the case.

In this matter, ED has earlier opposed the bail application of Satyendar Jain by submitting that if the bail is granted, he may influence the co-accused, witnesses and other documents related to the case.

Investigating Agency has arrested Satyendar Jain in this Matter on May 30 under the provisions of PMLA and he is now in the judicial custody at Tihar.

Central Bureau of Investigation (CBI) in its chargesheet alleged amassing assets to the tune of Rs 1.47 crore in Disproportionate Assets case while Enforcement Directorate has submitted the attachment of Rs 4.81 crore in connection with money laundering investigation.

UNI XC SHK1927。

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