Tag Archives: October

US retail sales rose a modest 0.3% in October

US retail sales rose a modest 0.3% in October

US retail sales rose a modest 0.3% in October, rebounding from decline in previous month

Americans stepped up their shopping last month, spending more online and buying more cars, evidence that consumers can still drive the economy’s growth.

The Commerce Department said Friday that retail sales rose 0.3% in October, rebounding from a 0.3% drop the previous month. Sales increased 3.1% compared with a year ago.

The figures suggest higher tariffs on many consumer products imported from China, imposed in early September, as well as broader trade uncertainty, did not hold Americans back from spending. Consumers remain mostly optimistic and willing to make large purchases, such as autos, even as businesses cut back on investment and exports stall.

The figures suggest spending during the upcoming Christmas holiday could be solid. The unemployment rate is near a 50-year low and wages are rising, encouraging more shopping.

E-commerce is still gaining steam. Sales in a category that mostly includes online and catalog shopping jumped 0.9% in October and 14.3% from a year earlier.

Sales at auto dealers also rose, increasing 0.5%. Gas stations reported a 1.1% jump in sales, which mostly reflected higher prices. Grocery stores and general merchandise retailers, which includes stores such as Walmart and Target, also said that sales increased.

Walmart reported a strong sales increase in its third quarter Thursday, boosted by a huge 41% increase in online sales.

Spending at restaurants and bars fell 0.3%, the biggest drop in almost a year. Still, those sales are 4.7% higher than a year ago.

Plenty of retailers are struggling, however. Clothing stores reported a sharp 1% drop in sales, and furniture and electronics and appliances stores also reported declines.

The economy has slowed since earlier this year, with growth clocking in at just 1.9% in the July-September quarter, down from 3.1% in the first three months of the year. Most analysts partly blame the weakening on uncertainty surrounding the U.S.-China trade war, which has caused many companies to delay plans to invest and expand. That’s left consumers as the principal drivers of growth.

So far, Americans have maintained their spending, quelling fears of a recession, which flared as recently as two months ago when trade tensions worsened.

Federal Reserve Chairman Jerome Powell said Thursday that the U.S. economy is a “star performer” and expressed confidence that it would keep expanding at a moderate pace, with few signs of bubbles or other weaknesses appearing.

Signs that the U.S. and China may soon reach the first stage of a trade deal has also helped soothe financial markets, pushing up stock prices and bond yields.


Source : Link

AP Top Stories October 31 P

Here’s the latest for Thursday, October 31st: House approves impeachment rules; Cuba Gooding Jr. pleads not guilty; Hong Kong Halloween protest; U.S. Senate staffers and their pets at Capitol Hill Halloween parade. Subscribe for more Breaking News: http://smarturl.it/AssociatedPress Website: https://apnews.com … read more

What Economists Are Saying Ahead of the October U.S. Jobs Report

What Economists Are Saying Ahead of the October U.S. Jobs Report © Reuters. What Economists Are Saying Ahead of the October U.S. Jobs Report (Bloomberg) — Economists expect Friday’s U.S. payrolls report will show job growth slumped to a five-month low in October, though it may be trickier … read more

AP Top Stories October 31 A

Here’s the latest for Thursday October 31st: House to vote on impeachment rules; Dangerous winds expected in California; Fatal train fire in Pakistan; Washington Nationals win World Series. Subscribe for more Breaking News: http://smarturl.it/AssociatedPress Website: https://apnews.com Twitter: https://twitter.com/AP Facebook: https://facebook.com/APNews … read more

Today’s famous birthdays list for October 30, 2019 includes celebrities Henry Winkler, Matthew Morrison – cleveland.com

Today’s famous birthdays list for October 30, 2019 includes celebrities Henry Winkler, Matthew Morrison – cleveland.com Associated Press Top celebrity birthdays on October 30, 2019 Birthday wishes go out to Henry Winkler, Matthew Morrison and all the other celebrities with … read more

AP Top Stories October 30 A

Here’s the latest for Wednesday October 30th: Impeachment inquiry to hear from two Ukraine experts; House approves sanctions on Turkey; More blackouts for California; Snow closes Denver schools. Subscribe for more Breaking News: http://smarturl.it/AssociatedPress Website: https://apnews.com Twitter: https://twitter.com/AP Facebook: https://facebook.com/APNews … read more

Today’s famous birthdays list for October 29, 2019 includes celebrities Winona Ryder, Gabrielle Union – cleveland.com

Today’s famous birthdays list for October 29, 2019 includes celebrities Winona Ryder, Gabrielle Union – cleveland.com Associated Press Top celebrity birthdays on October 29, 2019 Birthday wishes go out to Winona Ryder, Gabrielle Union and all the other celebrities with … read more

AP Top Stories October 29 A

Here’s the latest for Tuesday October 29th: Army officer to testify to impeachment inquiry; Northern California fire 15% contained; Calmer winds help Southern California firefighters; Strong earthquake in the Philippines. Subscribe for more Breaking News: http://smarturl.it/AssociatedPress Website: https://apnews.com Twitter: https://twitter.com/AP … read more

AP Top Stories October 28 P

Here’s the latest for Monday October 28th: House to vote on Impeachment resolution; Calif. utility may have caused 2 fires; Trump says big crackdown coming on crime, drugs; Sun burns like jack-o-lantern Subscribe for more Breaking News: http://smarturl.it/AssociatedPress Website: https://apnews.com … read more