With back to school starting up, economists predicted a rise in retail sales in the past couple of months – and September sales exceeded expectations. Retail sales alone went up 0.7% on the month, and with autos excluded, sales were 0.4% higher than forecasted, growing to 0.6%. Landing the top spot for the largest increase, miscellaneous store retailers increased by a surprising 3%, and online sales followed with a rise of 1.1%.
Dale Steenbergen, CEO of your Cheyenne Chamber of Commerce, shared his insights on these figures and what they mean for our community:
As the economy changes and tightens your chamber is committed to providing the information you need to know to make profitable decisions for your business. We are fortunate to live on the front range where economic changes seem to be softened a bit.
WY We Care: According to the Wyoming Economic Summary for the second quarter of 2023, personal income in Wyoming is on the rise, which bodes well for the likelihood of consumers spending their money, whether it be in retail or elsewhere. Wyoming did see a slight decline in the number of workers in retail trade, however, which is consistent with the labor shortage trend being experienced statewide. Despite this, when looking at the big picture, the Wyoming economy seems to be continuing to grow.
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