It'll be great to see you focus on the market again Ike, altho I just want to say thanx again for all your political updates, they have been invaluable.
Here's some good news:
(CBS) Retail sales shot up the fastest pace on record in October, spurred by cheap financing for new cars that triggered a sales boom, the government said on Wednesday in a report that showed consumers were recovering from the shock of the Sept. 11 attacks.
The Commerce Department said retail sales zoomed up by 7.1 percent to a seasonally adjusted $306.83 billion last month, the strongest sales surge for any month on record, after shrinking by 2.2 percent in September.
Car sales, boosted by zero-percent financing and other incentives, rose a record 26.4 percent. Stripping out autos, retail sales rose 1 percent.
The overall October retail sales increase was nearly triple the 2.7 percent jump that Wall Street analysts had forecast and strongly implied that consumers were back in the shopping spirit, snapping up bargains on cars and clothing.
"Americans are recovering from their funk pretty darn quickly and it takes an awful lot to stop Americans from spending money," said economist David Wyss of Standard and Poor's in New York.
The October increase was the largest since the government began keeping retail sales records under the current classification system in 1992.
CBSNews.com
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Consumers, whose spending accounts for two-thirds of all economic activity, have been a main force keeping the economy out of recession.
To revive sagging sales, retailers have heavily discounted merchandise and offered other incentives.
Sales at clothing stores increased by 6.9 percent, erasing a 5.9 percent drop in September.
At building and garden supply stores, sales rose by 2.8 percent in October, after falling by 2.6 percent. At health and beauty stores, sales went up by 1.7 percent, after a 0.3 percent rise.
Sales of sporting goods, books and music rose by 3 percent in October, following a 2.2 percent decline. Sales of electronics and appliances rose by 0.7 percent, after a 1.4 percent drop.
Bar and restaurant sales grew by 1.4 percent, a month after falling 2.5 percent.
Sales at furniture and home furnishing stores, however declined by 0.5 percent, after an even bigger 4.2 percent decrease. Sales at gasoline stations fell by 6.4, reflecting lower prices at the pump, following a 2.8 percent increase. |
