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Economy shows signs of improvement with retail sales, jobless claims
2009-02-12 17:26:51 (GMT) (Caymanmama.com - Top Stories News)
The American economy, struggling under the weight of a heavy recession, is showing signs of improvement - if only for a short time
Hartford, Connecticut (CaymanMama.com) — The American economy, struggling under the weight of a heavy recession, is showing signs of improvement - if only for a short time.
Government reports showed improvement in increased retail sales for the month of January as well as a decrease in new unemployment benefit claims.
The amount of first-time applications for unemployment benefits dipped to a seasonally-adjusted 623,000, from an higher revised figure of 631,000 the previous week.
Surprisingly, retail sales rebounded, most likely due to post-holiday sales and showing promise of hope for a struggling economy.
According to USA Today, “The Commerce Department said total retail sales rose 1%, advancing for the first time in seven months, after slumping a revised 3% in December, previously reported as a 2.7% decline. January’s increase in retail sales was the biggest since November 2007 and beat economists’ expectations for a 0.8% decline. But compared to January 2008, sales were down 9.7%.”
Brian Dolan, chief currency strategist at Forex.com in Bedminster, N.J. said, “It is the sort of tonic that can sooth the market to an extent. We’ve been keying on things not necessarily getting better but at least deteriorating at a slower rate. And this builds that case.”
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