Latest News:

Megyn Kelly left Fox News in part due to O’Reilly: report -

Saturday, April 15, 2017

North Korea warns against U.S. ‘hysteria’ as it marks founder’s birth -

Friday, April 14, 2017

British spies were first to spot Trump team’s links with Russia -

Thursday, April 13, 2017

China warns against force as North Korea prepares celebration -

Thursday, April 13, 2017

U.S. drops ‘mother of all bombs’ on Islamic State in Afghanistan -

Thursday, April 13, 2017

Boris Johnson calls off Moscow visit over Syria -

Saturday, April 8, 2017

Los Angeles Clippers vs Utah Jazz,Atlanta Hawks vs Portland Blazers -

Tuesday, February 14, 2017

Trump national security aide Flynn resigns over Russian contacts -

Monday, February 13, 2017

Israel bars Peru’s fugitive ex-leader Alejandro Toledo -

Sunday, February 12, 2017

Germany president: Steinmeier chosen by lawmakers -

Sunday, February 12, 2017

Trump’s army secretary nominee Vincent Viola withdraws as candidate -

Saturday, February 4, 2017

State Dept reverses revocation of 60K visas -

Saturday, February 4, 2017

DHS suspends ‘any and all actions’ on Trump travel ban -

Saturday, February 4, 2017

Trump immigration curbs cause worldwide chaos, panic, anger -

Saturday, January 28, 2017

Serena Williams beats Venus Williams to set Grand Slam record -

Saturday, January 28, 2017

Threat of investigations hangs over Clinton and Trump -

Saturday, November 5, 2016

Brazil vs South Africa,Mexico vs Germany,Portugal vs Argentina -

Thursday, August 4, 2016

Pennsylvania poll: Clinton up by 9 points -

Thursday, July 28, 2016

US partners with Costa Rica to protect Central American refugees -

Tuesday, July 26, 2016

Sanders seeks unity at Democratic national convention after chair resigns -

Monday, July 25, 2016

Retail sales point to stronger economic growth

Customers wait to be served at Casey's Market in Western Springs, Illinois

—Retail sales rose in September as Americans bought more of everything from cars to electronics, a sign consumers are driving faster economic growth despite icy winds from the cooling global economy.

Other data on Monday showed manufacturing activity in New York state shrank in October, though the pace of contraction eased.

Retail sales, however, increased a higher-than-expected 1.1 percent last month, Commerce Department data said showed.

That is good news for the economy because consumer spending drives about two-thirds of economic growth, and the data points to a modest rebound after a sluggish summer.

“This is a good end of (the) third quarter and we have some good momentum to the fourth quarter,” said Craig Dismuke, an economic strategist at Vining Sparks in Memphis, Tennessee.

Even with a pick-up in growth, the U.S. Federal Reserve is unlikely to reduce its support of the economy anytime soon, and one prominent U.S. central banker said on Monday the Fed won’t rush its response to positive economic signals.

In September, the Fed launched a new open-ended plan to buy mortgage-backed securities until the labor market improves substantially. The Fed also pledged to keep interest rates low until even after the economy strengthens.

Stock prices opened higher on the stronger economic picture but later turned softer while yields on U.S. government debt climbed.

SOLID CORE

The data showed sales by retailers outside of autos, gasoline and building materials — a closely followed barometer of consumer spending — rose 0.9 percent last month.

That was well above the 0.3 percent gain expected by analysts in a Reuters poll, and suggests consumers did more to drive growth in the July-September period than economists had expected.

Still, the report points to only a modest pickup in consumer spending.

“It’s still lackluster growth,” said Stephen Stanley, an economist at Pierpont Securities in Stamford, Connecticut.

The details of the retail report showed broad strength, with sales of motor vehicles and parts up 1.3 percent.

Other categories were also strong, with sales at electronics retailers up 4.5 percent. Some analysts said that might reflect sales of Apple’s newest iPhone model. Sales at food and beverage stores also posted solid growth, climbing 1.2 percent.

Receipts at gasoline stations rose 2.5 percent, reflecting an increase in prices paid at the pump.

Sluggish demand and a punishing drought restricted the economy to a 1.3 percent annual growth pace in the April-June period. Before the retail sales report was released, economists were expecting growth to accelerate to a 1.6 percent pace in the third quarter, according to a Reuters poll….(By Jason Lange) Reuters.

Comments are closed.

Yahoo! Status Checker by Techya