Uneasy About the Economy, Americans Are Spending Anyway

Retail sales jumped 1.7 percent in October, the third monthly increase, a rise that highlighted the resilience of the U.S. economy.

American consumers are dour about the economy, worried about inflation and pessimistic about the direction of the country in general.

But none of that is keeping them from spending.

Retail sales set a record in October, before adjusting for inflation, as shoppers splurged on electronics and home-improvement projects. Major retailers like Walmart are posting strong profits. And Wall Street forecasters are predicting a holiday season that looks less like pandemic-constrained 2020 than like 2019, when a strong labor market powered robust sales.