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Motor vehicles fell 1.6%, held down in part by the expiration of federal tax incentives on electric vehicles. Cheaper gasoline prices held down the value of gas station receipts.

In addition to sales expectations and hiring intentions, the overall index was boosted by a slight improvement in plans to increase inventories and earnings trends.

The value of retail purchases, not adjusted for inflation, increased 0.2% after a 0.6% gain in August, Commerce Department data showed, after being delayed due to the government shutdown.

"This comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” Challenger, Gray & Christmas said in the report.

U.S. oil production is now expected to fall in 2026 as prices slide, according to a government forecast, reversing years of growth that propelled the country to the world’s top producer.

Global oil markets will face a widening glut in 2026 as OPEC brings back production and output from the U.S., Canada and Guyana continues to grow.

Cyber Weekend e-commerce sales grew 9% in the U.S. this year, up from 6% in 2023, according to data from Salesforce.

U.S. shoppers say they’re going to spend less on holiday gifts this year, which would deliver another blow to retailers that have struggled with waning demand.

Brent erased its 2024 gains as concerns about demand in the world’s two biggest economies overshadow heightened geopolitical risks.

Brent crude slumped below $80 a barrel for the first time since June 10, driven by algorithmic trading and signs of poor demand from China, the world’s top oil importer.