A government data release Friday morning showed that retail sales in the United States are up over forecast, a sign that consumer spending is getting back on track for 2010.
The U.S. Department of Commerce found a 1.3 percent increase in retail sales, according to a Bloomberg report. But, the increase over October sales fell short of industry predictions, with only a 1.1 percent gain.
Overall, retails sales have risen 1.9 percent in the past 12 months, which is the first year-over-year gain since August 2008.
The Wall Street Journal’s Market Watch reports many retail stocks rose Friday morning after the positive retail sales announcement.
American household spending is critical because it makes up 70 percent of the economy, according to Bloomberg. While in the worst employment slump post-Depression era, Americans are attracted to bargains. High-end stores only saw light traffic despite the positive retail sales numbers.
Written by Sharalyn Hartwell
HULIQ.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
