Consumer spending, a key driver of the U.S. economy, continued to rise in October, signaling a positive outlook for the holiday shopping season. The U.S. Department of Commerce reported on November 15 that retail sales for October reached $718.9 billion, reflecting a 0.4% increase from the previous month. This exceeded analysts’ expectations of a 0.3% rise. Year-over-year, retail sales grew by 2.8%.

Analysts interpret the stronger-than-expected retail sales figures as an indication that consumer spending remains resilient despite concerns about economic slowdown, according to Reuters.