Costco reported Q3 comparable sales growth of 9.8% year over year, or 6.6% excluding gasoline prices and foreign exchange effects, adding to a body of data suggesting US consumer spending has held up more durably than many expected heading into mid-2026.

The 21.5% rise in digital comparable sales and a 92.2% membership renewal rate in the US and Canada point to continued spending resilience among higher-income households, Costco's core demographic. Fed officials tracking real-time consumer activity alongside sentiment surveys will likely weigh these results as they assess whether the current rate environment is having the intended moderating effect on demand. The next PCE print and May retail sales release remain the more direct data points they are watching.