Retailers, consumers and prices
Check out the latest encouraging news about U.S. shoppers dusting themselves off and shelling out their hard earned cash again.
U.S. consumers spent more in February than expected, despite buying fewer cars and being stuck at home shoveling record amounts of snow in many parts of the country. The U.S. Commerce Department said on Friday that total retail sales rose 0.3 percent, from necessities to luxury items. Excluding motor vehicles and parts, retail sales rose a bigger than expected 0.8 percent in February.
This comes on top of better than expected February sales reported last week at many top U.S. retail chains.
And more improvement is yet to come as U.S. consumers pay off debt and fix their collective balance sheets, freeing up more cash to go shopping, according to a Wall Street Journal report this morning.
Check out the latest outlook on October sales at U.S. retailers.
While most industry experts expect a 1.2 percent rise thanks to the weather gods and easy comparisons, the forecast doesn’t really say it all.
For instance, while sales trends have improved from a disastrous October 2008, data on the economy and consumer spending gives mixed signals and indicates shoppers remain cautious.
The Commerce Department said U.S. consumer spending increased 0.2 percent in February, in line with market expectations, after rising 1 percent in January. That makes two straight months of gains.
However, after adjusting for inflation, consumer spending in February fell 0.2 percent.
The Commerce Department said total retail sales fell 1.8 percent in November to a seasonally adjusted $355.66 billion following a revised 2.9 percent plunge in October.
Excluding motor vehicles and parts, sales were down 1.6 percent in November after a revised 2.4 percent October fall.
Black Friday has come and gone but what on earth happened at the cash registers over the Thanksgiving weekend? The data is trickling in, and so are the early critiques. (See our previous blogs: Treat Black Friday reports cautiously and Black Friday data spurs more questions than answers)
Here is a break down of the latest reports and what data is still to come:
According its 2008 Black Friday Weekend survey, conducted by BIGresearch and published on Sunday, the NRF said more than 172 million shoppers visited stores and websites over Black Friday weekend (which includes Thursday, Friday, Saturday and projections for Sunday), up from 147 million shoppers last year.
Check out the fading influence of tax rebate checks.
Tax rebate checks helped boost June retail sales but their influence appears to have petered out by July, according to data released by the Commerce Department on Wednesday.
The figures showed that total sales at U.S. retailers declined 0.1 percent in July, which was in line with forecasts made by Wall Street economists. A big reason for the drop was a fall off in auto sales. Auto and auto parts sales fell 2.4 percent in the month, their biggest drop since April, and were off a whopping 10.5 percent from year-ago levels.
The Commerce Department said on Tuesday that total sales at U.S. retailers rose a less-than-expected 0.1 percent in June. Economists polled by Reuters had forecast total retail sales to rise 0.4 percent in June, following a 0.8 percent gain in May.