Retail Sales in U.S. Increased More Than Forecast |
| Businessweek - Oct 15, 2012 |
Retail sales in the U.S. rose more than projected in September, reflecting broad-based gains that indicate household spending helped bolster economic growth last quarter.
The 1.1 percent advance followed a revised 1.2 percent increase in August that was the biggest since October 2010 and larger than previously reported, Commerce Department figures showed today in Washington. The median forecast of 77 economists surveyed by Bloomberg called for a 0.8 percent rise.
A drop in joblessness and firming home prices are leading to gains in confidence that may help chains such as Target Corp. (TGT) and TJX Cos. (TJX) keep attracting customers. At the same time, rising energy costs and concern about looming tax changes at the end of the year may prevent consumer spending, which accounts for about 70 percent of the economy, from strengthening much more.
There is “some resilience on the part of the consumer,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York, who projected a 1 percent increase in sales. “We are going to continue to see slow, but steady, growth.”
Read Full Article from Businessweek
- Posted: 2012-10-15 12:35:42
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