NAM: Retail sales up in October
The Wall Street Journal (11/21, Mitchell, Banjo, Subscription Publication) reports that the government’s main barometer of retail sales increased 0.4 percent in October, giving some hope to retailers that the holiday shopping season will not be as weak as expected. The Journal notes that sales were up across most categories from large-ticket items to daily purchases like groceries.
USA Today (11/20, Davidson) reports that October’s “strong performance was driven by furniture and electronic stores, clothing retailers and sporting goods shops.”
The AP (11/21) reports because consumers fuel about seventy percent of economic activity, expectations have increased that the better-than-expected retail sales in October could build momentum for this month and next month.
The Wall Street Journal (11/21, Mitchell, Banjo, Subscription Publication), the Los Angeles Times (11/21, Hsu), Bloomberg News(11/20, Stilwell), Reuters (11/21) and other media sources also cover the story.