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US retail sales expand broadly
Source: Agencies |
November 16, 2011, Wednesday
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Print Edition
Print Edition
UNITED States retail sales rose broadly in October, suggesting the economy started the fourth quarter with some vigor, and the first drop in wholesale prices in four months pointed to subsiding inflation pressures.
Total retail sales gained 0.5 percent, the Commerce Department said yesterday, after rising 1.1 percent in September. That was above economists' expectations for a 0.3 percent rise.
In a separate report, the Labor Department said its producer price index fell 0.3 percent last month after rising 0.8 percent in September. Economists had expected the PPI to fall only 0.1 percent.
"The data are uniformly positive," said Eric Green, chief US economist at TD Securities in New York. Retail sales "is more than enough to keep the economy going. They continue to push back the recession fears that began this summer."
The economy grew at a 2.5 percent annual pace in the third quarter, fueled in part by consumer spending.
In the 12 months to October, retail sales rose 7.2 percent. While October's retail sales report showed broad gains, weak income growth is a constraint.
Consumer spending - which accounts for more than two-thirds of US economic activity - rose at its fastest pace in nearly a year in the third quarter. But households are significantly cutting back on saving to fund their spending.
Wal-Mart Stores Inc Chief Executive Mike Duke said the retail giant's US customers were still worried about jobs and only one in 10 mothers taking part in its surveys view the economy as "good."
With food prices rising faster than most wages, some shoppers were concerned about holiday meals, the company said.
Retail sales last month rose as receipts from motor vehicle dealers added 0.4 percent, adding to the prior month's 4.2 percent gain.
Excluding autos, retail sales rose 0.6 percent, the largest increase in seven months, after advancing 0.5 percent in September.
Sales at food and beverage stores rose 1.1 percent, while receipts at sporting goods, hobby, book and music stores gained 1.3 percent.
Total retail sales gained 0.5 percent, the Commerce Department said yesterday, after rising 1.1 percent in September. That was above economists' expectations for a 0.3 percent rise.
In a separate report, the Labor Department said its producer price index fell 0.3 percent last month after rising 0.8 percent in September. Economists had expected the PPI to fall only 0.1 percent.
"The data are uniformly positive," said Eric Green, chief US economist at TD Securities in New York. Retail sales "is more than enough to keep the economy going. They continue to push back the recession fears that began this summer."
The economy grew at a 2.5 percent annual pace in the third quarter, fueled in part by consumer spending.
In the 12 months to October, retail sales rose 7.2 percent. While October's retail sales report showed broad gains, weak income growth is a constraint.
Consumer spending - which accounts for more than two-thirds of US economic activity - rose at its fastest pace in nearly a year in the third quarter. But households are significantly cutting back on saving to fund their spending.
Wal-Mart Stores Inc Chief Executive Mike Duke said the retail giant's US customers were still worried about jobs and only one in 10 mothers taking part in its surveys view the economy as "good."
With food prices rising faster than most wages, some shoppers were concerned about holiday meals, the company said.
Retail sales last month rose as receipts from motor vehicle dealers added 0.4 percent, adding to the prior month's 4.2 percent gain.
Excluding autos, retail sales rose 0.6 percent, the largest increase in seven months, after advancing 0.5 percent in September.
Sales at food and beverage stores rose 1.1 percent, while receipts at sporting goods, hobby, book and music stores gained 1.3 percent.
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