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Title: Retail Sales in U.S. Increased in January More Than Anticipated - MOre Bad News For Economic Blood Dancers
Source:
Bloomberg News
URL Source: http://www.bloomberg,com
Published: Feb 12, 2010
Author: Bob Willis
Post Date: 2010-02-12 08:32:26 by war
Keywords: None
Views: 452
Comments: 3
Feb. 12 (Bloomberg) -- Sales at U.S. retailers climbed in January for the third time in four months, signaling the consumer spending recovery that began in late 2009 continues into the new year. The 0.6 percent increase was larger than forecast and followed a 0.1 percent drop the prior month that was smaller than previously estimated, Commerce Department figures showed today in Washington. Purchases excluding autos rose 0.6 percent. A drop in unemployment and a longer workweek last month signal the economy is poised to generate jobs, which will lead to gains in income that may further lift demand. Macy’s Inc. and Gap Inc. are among retailers driving profits up by keeping stockpiles lean after the biggest household spending slump in three decades. “The consumer is spending, but fairly carefully,” Julia Coronado, a senior economist at BNP Paribas in New York, said before the report. “It’s a pretty subdued path of consumer spending growth but it does look as if it’s sustainable.” Retail sales were projected to rise 0.3 percent after an originally reported 0.3 percent drop in December, according to the median estimate of 82 economists in a separate Bloomberg survey. Forecasts ranged from a decline of 1 percent to a 0.7 percent gain. Purchases excluding autos were projected to increase 0.5 percent, according to the survey median. Broad-based Gains Nine of 13 major categories showed gains in sales last month, led by general merchandise stores, grocery stores and non-store retailers. Auto sales were unchanged after rising 0.1 percent in December. Industry data earlier this month, which are the figures used by the government to calculate gross domestic product, showed purchases fell for the first time in four months. Sales at non-store retailers which include Internet retailers, rose 1.6 percent after a 2.2 percent gain in December. Amazon.com Inc. reported Jan. 28 that its fourth-quarter profit and sales beat analysts’ estimates as shoppers took advantage of holiday discounts and free shipping. Excluding autos, gasoline and building materials -- the retail group the government uses to calculate GDP figures for consumer spending -- sales climbed 0.8 percent after a 0.3 percent decrease. The government uses data from other sources to calculate the contribution from the three categories excluded. Fewer Discounts Sales at 31 chains rose 3 percent last month, the International Council of Shopping Centers said Feb. 4, beating its forecast of a 1 percent gain. Lower inventories helped stores reduce markdowns, which boosted sales volume and profit margins, said Mike Niemira, the ICSC’s chief economist. “The retail recovery continues,” Niemira said in a telephone interview. Macy’s, the second-largest U.S. department-store company, last week said sales at stores open at least a year gained 3.4 percent in January, helped by online purchasing. The Cincinnati- based retailer said fourth-quarter profit exceeded its forecast.
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#1. To: All (#0)
Badeye might have to work for a living again...(laughing) Then again...there'd have to be a first time for a second...(laughing)
I’ll see what I can do about posting a more current pic, if you really want one. Badeye posted on 2003-03-15 09:26:22 ET Reply Trace
In comparision to last year, yep a rise. Its temporary. This year will look better than last year. Duh. But once all that Federal cash has worked its way through the system, we come to 2011 and 12. And thats when it will become apparent to every single American just how fucked up this administration and congress's actions have been. Meanwhile, here in 'reality' real unemployment is 17%, home foreclosures are at record highs, banks are terrified to lend, and job creation is still measured in NEGATIVE NUMBERS. I truly wish this wasn't the case, given my company's dependency on job creation.
my anti groupie can't get through life without me.
Employment is always a lagging indicator.
I’ll see what I can do about posting a more current pic, if you really want one. Badeye posted on 2003-03-15 09:26:22 ET Reply Trace
#2. To: war (#0)
#3. To: Badeye (#2)
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