Investing.com – Retail sales rose in September, pointing to a strong economy, official data showed on Friday.
In a report, the U.S. Commerce Department said that retail sales rose 1.6% from the prior month, barely missing forecasts for a gain of 1.7%. Retail sales in August fell 0.1%, which was revised from a negative 0.2%.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy
Core retail sales, which exclude automobile sales, rose by a seasonally adjusted 1.0% in September, beating consensus expectations of a 0.3% advance.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
After the report, which was released simultaneously with the Consumer Price, EUR/USD was trading at 1.1854 from around 1.1810 ahead of the release of the data, GBP/USD was at 1.3313 , compared to 1.3274 previously, while USD/JPY was at 111.81 from 112.19 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 92.72, compared to 93.05 ahead of the report.
Meanwhile, U.S. stock futures were up. The Dow futures increased 0.17%, the S&P 500 futures rose 0.15%, while the Nasdaq 100 futures surged 0.28%.
Elsewhere, in the commodities market, gold futures traded at $1,302.52 an ounce, compared to $1,295.07 ahead of the data, while crude oil traded at $51.59, compared to $51.55 prior to the release.