One word keeps appearing in third-quarter earnings reports: “resilient.” That’s the early read on U.S. consumers from various companies that released their results this week.
Many businesses say Americans are still spending despite inflationary pressures, though not every company has enjoyed the same success
The commentary comes amid fears that diesel fuel prices, which hit an all-time high of $6.52 per gallon in September, would drive up prices on consumer products. Economists also worried that more expensive regular gas, combined with high borrowing costs and continued tension between the U.S. and Iran, would spur a pullback in consumer spending. Retail sales rose 0.8% in September, following a jump of 1.3% in August.
Sales in September were boosted by rising gas station spending. Despite all those challenges, some corporate executives say the headwinds aren’t yet affecting sales. While retail sales rose 0.8% in September, following a jump of 1.3% in August, the September came as gas station spending jumped.