Stronger retail sales seen as US consumers splash out
Source: Agencies |
October 16, 2012, Tuesday
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Print Edition
Print Edition
AMERICANS stepped up their spending at retail businesses in September, reflecting stronger sales of autos, electronics and building supplies.
Retail sales rose 1.1 percent last month, the Commerce Department said yesterday. That followed a 1.2 percent increase in August, which was revised slightly higher. Both were the largest gains since October 2010.
Sales rose in most major categories. Electronics and appliances surged 4.5 percent, in part because of the release of the new iPhone. Sales at auto dealers gained 1.3 percent. Building materials and garden supplies, furniture and clothing sales all increased, too.
Economists said the September increase should help drive slightly stronger growth in the July-September quarter. But they cautioned that some of the jump was driven by the release of the iPhone 5.
"This shouldn't be considered the start of a consumer revival," cautioned Paul Dales, senior US economist at Capital Economics. "This is a one-time boost that will be reversed in the coming months."
Some of the increases were also driven by higher prices. Gas station sales also rose 2.5 percent. Food sales climbed 1.2 percent. The recent drought may have driven food prices higher, economists noted.
Still, excluding autos and gas, sales were still up a solid 0.9 percent in September.
The retail sales report is closely watched because it is the government's first look at consumer spending each month. Consumer spending drives nearly 70 percent of economic activity.
High unemployment and weak pay rises have kept consumers from spending more freely. That has held back growth.
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