Car sales boosted the figures, official figures show Monday, November 15, 2010
US retail sales jump in October
Car sales boosted the figures, official figures show Sales at US retailers have risen by a better-than-expected 1.2% in October, government figures show.
Retail sales rose at their fastest rate since March, the Commerce Department said, with a 5% surge in vehicle sales leading the increase.
Sales of building equipment and garden equipment were also strongly higher, up by 1.9% during the month.
The overall rise in October's figures left US retail sales 7.3% up on a year ago.
Excluding car sales, gasoline and building materials, core retail sales rose 0.2%, after a rise of 0.4% in September.
The positive figures for the US's retail sector implies that the country's economy is recovering from the worst recession since the 1930s.
Consumer spending is watched closely because it accounts for 70% of economic activity in the US.
Vehicle sales had their best showing since March, marking a contrast to the 0.5% dip seen in August.
Other sectors that performed well included clothing and clothing accessories where sales grew by 0.7%, whilst sporting goods, hobby and book store sales rose 1%.
Purchases at electronic retailers, however, did not do so well with sales falling by 0.7% in October.
This article is from the BBC News website. � British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Source: http://www.bbc.co.uk/go/rss/int/news/-/news/business-11758121
fox news national news state news financial news Europe news
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment