Retail Sales were reported this morning up a robust 1.1% in September. Normally, analysts would look to volatile motor vehicle or gasoline sales for the driver behind such a robust move. However, when excluding those two factors, retail sales still increased by 0.9%. The true driver of sales in September excluding autos and gasoline appeared to be Apple (AAPL). The company’s important product launches in the month certainly caused a surge in sales and probably also spurred Apple driven traffic and relative sales for electronics store retailers like Best Buy (BBY).
We see no other good reason for electronics stores to have posted such a marked increase over August than the Apple factor. So, perhaps what we can learn from all this is that the sluggish American economy, with its handicapped labor force, can still squeeze out consumer spending for products that are innovative and disruptive enough. Let’s all thank Apple today for enthusing markets broadly as well. The SPDR S&P 500 (SPY) was up by a half of a point at noon, thanks to the retail sales data.