The Commerce department came out with October's retail sales report today, and the numbers showed the best month since March. Auto sales were the catalyst for the 1.2% increase, and without them the overall sales would have been .04%.
These numbers indicate a reversal of the retail sales numbers for most of the summer, where sales showed an increase of just 2% overall for the July - September period.
According to the Associated Press, unemployment is still holding down analyst expectations for higher sales.
The problem is that consumers are still struggling with a host of problems including painfully high unemployment, which remains stuck at 9.6 percent even though the recession ended more than a year ago.
For October, sales at auto dealerships increased 5 percent. That gain had been expected given reports from automakers that total October sales rose to an annual rate of 12.3 million units, the best monthly showing since the government's Cash for Clunkers program had sent sales surging in August 2009.
Excluding autos, sales advanced at a more moderate 0.4 percent in October following a 0.5 percent rise in sales excluding autos in September.
Retailers are already offering Black Friday discounts and sales weeks before the normal Thanksgiving holiday start. Walmart and Target have upped the ante very early on prices and free shipping to boost sales for the coming Christmas season.
Comments
Wow, wish MY October was that good. Christmas looking bleak. boo hoo....
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