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Retail sales increased 3.7% in September, but department stores, sporting goods, and home segments continue to see declines. Heading into the holidays, consumer sentiment is 8% stronger than a year ago and almost 40% above the low reached of June 2022; and while consumers remain concerned about prices, inflation expectations have eased substantially since mid-year. The Consumer Price Index rose 2.4% for the 12 months ending September, the smallest 12-month increase since February 2021. U.S. retail gas prices continue to decline with the average U.S. retail gas price down nearly 16% YOY at $3.34/gallon. Supply chain pressures have eased for now - global deep-sea freight rates continue to decline, and the anticipated port strikes were averted.
Ankura Monthly Economic Indicators Overview [October 2024]
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