US retail sales were up in September despite consumers paying more at the checkout line as inflation reaches a 30-year high.
A release issued by the US Census Bureau showed an increase of 0.7% of retail and food services from August, and a 13.9% improvement over September 2020.
Consumers hit the road in September
Overall, retail trade sales jumped 0.8% from August 2021, and are up 12.2% from the same time last year.
Sales of gasoline and other goods at petrol stations jumped 38.2% from September 2020, while sales at restaurants, food services and bars surged 29.5% from last year.
Inflation burning at a 30-year high
The latest data compiled by the US Department of Labor shows that buyers paid more in September as inflation heated up to its highest level in three decades.
Last month, the Consumer Price Index (CPI) jumped 0.4% after rising 0.3% in August.
Over the past 12 months, the CPI has risen 5.4%.
US workers leave jobs in August, labour shortages spike
Despite the rebounding spending, more Americans left their jobs in August amid the ongoing Covid-19 pandemic, adding to labour shortages and supply-chain disruptions.
In August, around 4.3 million people quit their jobs, equalling 2.9% of the US workforce, according to the latest data compiled by the US Bureau of Labor Statistics.
A previous 20-year record was set in April when nearly four million people quit their jobs.
Flowing on from the upbeat statistics, the Dow Jones Industrial Average is up today at 0.88% and the S&P 500 is 0.65% higher, while the Nasdaq Composite is up by 0.46%.