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Department store sales boost spending
Source: Agencies |
December 15, 2010, Wednesday
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Print Edition
Print Edition
RETAIL sales in the United States rose for a fifth straight month in November as the biggest jump in department store sales in two years gave the holiday shopping season a strong start.
Retail sales increased 0.8 percent last month, the US Commerce Department said yesterday. That came after a 1.7 percent gain in October, which was propelled by a huge increase in auto sales.
Auto sales retreated a bit in November. But excluding autos, sales rose 1.2 percent - the best showing since March.
Department store sales jumped 2.8 percent, the strongest advance in two years. That supported private industry readings that this year's holiday shopping season got off to a good start.
One benefit for shoppers is that inflation remains tame. The US Labor Department reported that wholesale prices rose 0.8 percent in November, reflecting a jump in energy prices. But core inflation, which excludes volatile energy and food, rose only 0.3 percent.
Consumer spending is closely watched because it accounts for 70 percent of total economic activity. A drop in retail sales in May and June had raised fears that the economy could be in danger of slipping back into recession.
However, since that time, sales have posted five straight increases, and economists are now boosting their forecasts for growth in coming months. Many believe a big tax-cut package working its way through Congress will give consumers more money to spend in the new year.
For November, auto sales slipped 0.8 percent. But that came after a sizable 5.8 percent surge in October sales by auto dealers.
The rise in department store sales represented a solid rebound from a 0.9 percent drop in October.
Analysts said heavy holiday discounting, which started as early as October, and an improving economy were helping boost spending.
Even the weather was playing a part. The arrival of cold weather in November, after two months of unseasonably warm weather, helped boost sales of coats and other cold-weather gear.
Retail sales increased 0.8 percent last month, the US Commerce Department said yesterday. That came after a 1.7 percent gain in October, which was propelled by a huge increase in auto sales.
Auto sales retreated a bit in November. But excluding autos, sales rose 1.2 percent - the best showing since March.
Department store sales jumped 2.8 percent, the strongest advance in two years. That supported private industry readings that this year's holiday shopping season got off to a good start.
One benefit for shoppers is that inflation remains tame. The US Labor Department reported that wholesale prices rose 0.8 percent in November, reflecting a jump in energy prices. But core inflation, which excludes volatile energy and food, rose only 0.3 percent.
Consumer spending is closely watched because it accounts for 70 percent of total economic activity. A drop in retail sales in May and June had raised fears that the economy could be in danger of slipping back into recession.
However, since that time, sales have posted five straight increases, and economists are now boosting their forecasts for growth in coming months. Many believe a big tax-cut package working its way through Congress will give consumers more money to spend in the new year.
For November, auto sales slipped 0.8 percent. But that came after a sizable 5.8 percent surge in October sales by auto dealers.
The rise in department store sales represented a solid rebound from a 0.9 percent drop in October.
Analysts said heavy holiday discounting, which started as early as October, and an improving economy were helping boost spending.
Even the weather was playing a part. The arrival of cold weather in November, after two months of unseasonably warm weather, helped boost sales of coats and other cold-weather gear.
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