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Commerce: Retails Sales Up, But Not Much |
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Retail sales in October rose more than analysts expected, the government reported November 16. The Commerce Department said total retail sales jumped 1.4% last month, compared with September's revised decline of 2.3%. Economists surveyed by Briefing.com had anticipated that October sales would grow 0.9%. With the start of the holiday shopping season fewer than two weeks away, the Nove. 16 report shed little light on whatretails sales willl look like. Sales excluding autos and auto parts edged up only 0.2%. That's slightly worse than the 0.4% increase predicted by economists, but better than revised September numbers.. Consumer spending accounts for two-thirds of U.S. economic activity, and data are closely watched to determine whether a recovery is underway. With unemployment at a 26-year high of 10.2%, however, consumers remain cash-strapped, driving down4th-quarter sales predictions.
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