Rise in U.S. Retail Sales Points to Pickup in Spending

[Purveyor]

Source: Bloomberg

By Lorraine Woellert - Aug 13, 2013
Retail sales rose in July for a fourth consecutive month, showing American households are regaining momentum as employment climbs.

The 0.2 percent increase in purchases followed a 0.6 percent June gain that was larger than previously reported, Commerce Department figures showed today in Washington. The numbers in the report that feed into gross domestic product climbed by the most this year, prompting some economists to boost growth estimates.

More jobs and rising household wealth tied to higher home values and stock prices are boosting confidence and triggering improving sales at companies such as Michael Kors Holdings Ltd. A pickup in consumer spending, which accounts for about 70 percent of the economy, would help counter the fiscal headwinds of government cutbacks that have held back growth.

“We’re seeing sales pick up in multiple categories -- that’s a promising sign that consumer spending might be a little bit stronger in the third quarter,” said Michael Brown, an economist with Wells Fargo Securities LLC in Charlotte, North Carolina. “We’ve seen wage and salary growth continue to expand with the pace of employment. That’s helped support some additional consumer activity.” Wells Fargo is the top forecaster of retail sales, according to data collected by Bloomberg.

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Read more: http://www.bloomberg.com/news/2013-08-13/retail-sales-in-u-s-rose-in-july-for-fourth-consecutive-month.html

[hobbit709]

1. Believing Wells Fargo and Bloomberg is a sign the economy is improving.

[Kingofalldems]

2. Kick and Recommend

I would have thought Obama would have destroyed America by now, based on the ramblings of the repubs.

[snappyturtle]

3. Who are you going to believe? Here's an article from the AP

talking last month about previous months' spending: Article dated July 16th

http://bigstory.ap.org/article/us-retail-sales-fell-05-percent-june

WASHINGTON (AP) — The outlook for the U.S. economy appeared dimmer Monday after a report that Americans spent less at retail businesses for a third straight month in June.

The report led some economists to downgrade their estimates for economic growth in the April-June quarter. Many now think the economy grew even less than in the first quarter of the year, when it expanded at a sluggish 1.9 percent annual rate.

Spending in June fell in nearly every major category — from autos, furniture and appliances to building, garden supplies and department stores. Overall, retail sales slid 0.5 percent from May to June, the Commerce Department said.

Retail sales hadn't fallen for three straight months since the fall of 2008, at the height of the financial crisis.

more at link.....

[whatthehey]

4. The one from this year probably

Your link mentions second half 2012 prospects...

[snappyturtle]

5. Opps....the reason I googled it and then didn't see the fine print

was because I swear I've read just the opposite on consumer spending
for recent months. Sorry....and thanks!