Retail sales in the U.S. rose more than forecast in July, reflecting broad-based gains that ease concern elevated unemployment will cause consumers to retrench.
The 0.8 percent advance, the biggest since February and first gain in four months, followed a 0.7 percent decrease in June, Commerce Department figures showed today in Washington. Economists projected a 0.3 percent rise, according to the medianforecast in a Bloomberg survey. Purchases climbed in all 13 categories, the first time that’s happened since 2005.
Stocks climbed as the report bolstered optimism the economic expansion will be maintained. The Standard & Poor’s 500 Index rose 0.1 percent to 1,405.99 at 1:31 p.m. in New York.Treasury securities fell, sending the yield on the benchmark 10-year note up to 1.71 percent from 1.67 percent late yesterday.
“This month we saw broad-based strength across the U.S.,”Sherry Lang, spokeswoman for TJX, said during an Aug. 2 sales conference call. Same-store sales at the owner of the Marshalls and T.J. Maxx chains rose 7 percent in July.
Underpinning consumer demand, payrolls increased by 163,000 in July, the most in five months, according to Labor Department figures. The improvement eased fears the U.S. labor market may continue stumbling following the second-quarter slowdown.
Also and most importantly confidence among U.S. consumers as indicated in the Consumer Confidence Index exceeded expectations in August, boosting the prospect of stronger household spending this quarter.
Rising confidence could help induce more households to head to shops and malls and restaurants, stoking the expansion after they gave it less support last quarter.
August’s advance indicates consumers may be feeling the benefits of growing payrolls. Rising confidence raises the odds households can sustain July’s pickup in retail sales, which set the pace for stronger growth in the third quarter.
Another report, the index of U.S. leading economic indicators, climbed more than forecast in July, a sign of sustained expansion.
-from Bloomberg
Hey this is good news for Obama and all Americans but it is also good news for Romney and Ryan isn't it?
The last thing Romney needs after selecting the economy wonk Ryan is an improving economy.
The 0.8 percent advance, the biggest since February and first gain in four months, followed a 0.7 percent decrease in June, Commerce Department figures showed today in Washington. Economists projected a 0.3 percent rise, according to the medianforecast in a Bloomberg survey. Purchases climbed in all 13 categories, the first time that’s happened since 2005.
Stocks climbed as the report bolstered optimism the economic expansion will be maintained. The Standard & Poor’s 500 Index rose 0.1 percent to 1,405.99 at 1:31 p.m. in New York.Treasury securities fell, sending the yield on the benchmark 10-year note up to 1.71 percent from 1.67 percent late yesterday.
“This month we saw broad-based strength across the U.S.,”Sherry Lang, spokeswoman for TJX, said during an Aug. 2 sales conference call. Same-store sales at the owner of the Marshalls and T.J. Maxx chains rose 7 percent in July.
Underpinning consumer demand, payrolls increased by 163,000 in July, the most in five months, according to Labor Department figures. The improvement eased fears the U.S. labor market may continue stumbling following the second-quarter slowdown.
Also and most importantly confidence among U.S. consumers as indicated in the Consumer Confidence Index exceeded expectations in August, boosting the prospect of stronger household spending this quarter.
Rising confidence could help induce more households to head to shops and malls and restaurants, stoking the expansion after they gave it less support last quarter.
August’s advance indicates consumers may be feeling the benefits of growing payrolls. Rising confidence raises the odds households can sustain July’s pickup in retail sales, which set the pace for stronger growth in the third quarter.
Another report, the index of U.S. leading economic indicators, climbed more than forecast in July, a sign of sustained expansion.
-from Bloomberg
Hey this is good news for Obama and all Americans but it is also good news for Romney and Ryan isn't it?
The last thing Romney needs after selecting the economy wonk Ryan is an improving economy.
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