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Politics : PRESIDENT GEORGE W. BUSH
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To: Kenneth E. Phillipps who wrote (507786)12/11/2003 12:43:59 PM
From: Hope Praytochange  Read Replies (1) of 769669
 
Retail Sales Up by 0.9 Percent in November
By THE ASSOCIATED PRESS

Filed at 12:20 p.m. ET

WASHINGTON (AP) --The nation's shoppers descended on stores with a fresh burst of energy last month, propelling retail sales by 0.9 percent. The open-wallet mind-set raised new hope that the overall economic recovery will be durable.

Last month's sizable increase came after retailers' sales dropped by 0.3 percent in September and were flat in October, the Commerce Department reported Thursday. The increase in retail sales in November -- the largest advance since August -- represented a better showing than economists were expecting. They were forecasting a 0.7 percent rise.

Consumer spending accounts for roughly two-thirds of all economic activity. Because of that, consumers play a key role in determining how the recovery unfolds. Consumers have kept their pocketbooks and wallets sufficiently open to keep the economy going even during difficult economic times.

``November's sales illustrate an improving economy and increasing consumer optimism,'' said Rosalind Wells, chief economist at the National Retail Federation. ``We expect an even better pace in December as consumers have yet to complete the bulk of their shopping.''

On Wall Street, the Dow Jones industrials gained 57 points in noon trading.
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