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October’s retail sales see an unexpected jump
2009-11-16 22:21:58 (GMT) (Caymanmama.com - Business News)
Miami, Florida (CaymanMama.com) — Thanks to a large auto sales rebound, retail sales saw a surprise increase in October.
However, larger consumer spending is still in the boiler leaving analysts to wonder if the good trend will stick.
October’s 1.4 percent increase was a welcomed rise following a slower September retail showing which was projected to be even lower by the government, and many financial experts are still cautious about consumer demand in the future.
“Against a background of high unemployment, low income growth and tight credit, it seems unlikely that households will be able to spend more freely anytime soon,” Paul Dales, U.S. economist at Capital Economics, said in a research note.
The Commerce Department announced Monday that retail sales jumped 1.4 percent last month.
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