US retail sales up 1.9% in September to beat estimate

ANKARA

Retail sales in the US increased 1.9% in September from the previous month to beat market estimate, signaling that consumption in the world's largest economy is recovering.

Total sales at retail and food services were $549.3 billion in September, the US Census Bureau announced Friday. The market expectation was an increase of 0.7%.

Retail sales rose 0.6% in August.

Although the increase in retail sales indicates a recovery in consumer spending, the US economy is still in need of a stimulus package as the public awaits the new relief bill.

Hopes of a bipartisan bill before presidential election on Nov. 3 seems to fade as House of Representatives Speaker Nancy Pelosi continues to insist on an amount of $2.2 trillion for stimulus, which passed Democrat-controlled House, against Treasury Secretary Steven Mnuchin's latest offer of $1.8 trillion.

"So far he hasn’t come home with the bacon," President Donald Trump said of Mnuchin, Republicans' top relief bill negotiator.

"Nancy Pelosi doesn’t want to give anything. She thinks it helps her with the election ... We’re not holding it up. She’s holding it up," he told Thursday in an interview with Fox Business.

Trump stressed he would increase the amount of Republicans' offer, and said: "Absolutely I would. I would say more. I would go higher. Go big or go home."

Mnuchin said Thursday the two parties agreed that the bill will include $178 billion for health care, of which $75 billion will be for COVID-19 testing.

Senate Majority Leader Mitch McConnell, on the other hand, said later the upper cabinet would not approve any relief bill more than $1.8 trillion, and added the Congress should go with the Senate's $500 billion stimulus package.