Higher gas prices and strong car and electronics sales combined to lift retail sales in September, the government reported Monday.
Overall retail sales rose 1.1%, according to the Census Bureau, little changed from the 1.2% rise in August and stronger than the increase forecast by analysts.
Much of the increased spending came from a 2.3% rise in spending at gas stations. Gas prices rose in much of the natron in September, especially in the Northeast.
But it wasn’t just the higher pump prices prompting consumers to spend more. Car sales in the month reached their highest level in more than four years, driven by pent-up demand for new cars, higher prices for used cars and greater access to financing for many buyers.
The sector that saw the biggest increase in demand was spending at electronics and appliance stores. That may have been helped by the introduction of Apple’s new iPhone in the middle of the month.
Retail sales are important because spending by consumers makes up almost three quarters of the nation’s economic activity.
