U.S. retail sales rose 1.1 percent last month, as Americans increased their spending on a range of products.
“We had a big jump in electronics and appliances, at least some of which is due to the iPhone,” says Gus Faucher, Senior Economist, at the PNC Financial Services Group. Faucher notes the strong report was also due to growth in other areas, such as building materials and foods and beverages.
Though gasoline prices have been high, which is normally a drag on consumer spending, Americans are “digging into their savings a bit more,” says Faucher. Additionally, Faucher believes gains in stock prices and home prices are giving consumers more confidence.
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