October Sales Surge Makes Expert Wonder If There Is A Recession
(AmericanProsperity.com) – Economy experts have warned a recession is looming over the US as inflation remains elevated and the Federal Reserve’s interest rates threaten the housing market. However, some experts are beginning to wonder whether the US economy is truly on the brink of a recession after reviewing recent data from the US Census Bureau.
— The Hill (@thehill) November 16, 2022
According to the available information, retailers saw a 1.3% increase in sales in October compared to September. The increase was higher than expected and resulted in retailers making $694.5 billion in October. Experts believe the surge in sales is the result of Americans getting an early start on their holiday shopping.
An economist at RSM, a tax and audit firm, Tuan Nguyen, wrote on November 16 that the strong month for sales in October and the neutral growth in September indicates the US isn’t in danger of slipping into a recession — at least for the time being. Financial experts were expecting weaker retail sales due to the Federal Reserve’s repeated decision to increase interest rates.
The increase in October sales showcases the US economy’s ability to quickly recover from adversities. The Hill noted that retailers might be squeezing out an increase, but the housing and stock markets continue to waver. So, while retail sales may not be showing signs of a recession, other parts of the economy could still be alluding to the possibility of one.
~Here’s to Your Prosperity!
Copyright 2022, AmericanProsperity.com