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Retail sales inch up as Americans use discounts
Source: Bloomberg News |
February 15, 2012, Wednesday
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Print Edition
Print Edition
SALES at US retailers climbed in January as Americans took advantage of post-holiday discounts, showing households are being frugal in their spending.
The 0.4 percent gain followed little change in December that was initially reported as a 0.1 percent increase, Commerce Department figures showed yesterday. Last month's advance was half the 0.8 rise median forecast of economists surveyed by Bloomberg News, reflecting an unexpected drop at auto dealers. Excluding cars, demand climbed 0.7 percent, more than projected.
Chains like Target Corp and Limited Brands Inc topped analysts' sales forecasts last month, when many companies offered incentives to bring back shoppers after holiday sales stagnated. Further gains in employment are needed to bolster wages and underpin confidence, ensuring that demand can be sustained.
"Retail sales are being driven by the improving confidence but also by decent income gains," Millan Mulraine, a senior US strategist at TD Securities in New York, said before the report.
The 0.4 percent gain followed little change in December that was initially reported as a 0.1 percent increase, Commerce Department figures showed yesterday. Last month's advance was half the 0.8 rise median forecast of economists surveyed by Bloomberg News, reflecting an unexpected drop at auto dealers. Excluding cars, demand climbed 0.7 percent, more than projected.
Chains like Target Corp and Limited Brands Inc topped analysts' sales forecasts last month, when many companies offered incentives to bring back shoppers after holiday sales stagnated. Further gains in employment are needed to bolster wages and underpin confidence, ensuring that demand can be sustained.
"Retail sales are being driven by the improving confidence but also by decent income gains," Millan Mulraine, a senior US strategist at TD Securities in New York, said before the report.
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