Bloomberg reports that retail sales rose more than expected during October, "in a broad advance after an even stronger September than initially estimated, showing consumers continue to pump up the economy."
According to the story, a "0.8 percent rise in October followed an upwardly revised 1 percent jump in the prior month, marking the biggest back-to-back increase since March-April 2014, the Commerce Department reported Tuesday ... Healthy hiring, wage growth and limited inflation are giving Americans the wherewithal to spend at stores, malls and online merchants. Momentum at the start of the quarter bodes well for household purchases, which account for about 70 percent of the economy, during the approaching holiday-shopping season."
According to the story, a "0.8 percent rise in October followed an upwardly revised 1 percent jump in the prior month, marking the biggest back-to-back increase since March-April 2014, the Commerce Department reported Tuesday ... Healthy hiring, wage growth and limited inflation are giving Americans the wherewithal to spend at stores, malls and online merchants. Momentum at the start of the quarter bodes well for household purchases, which account for about 70 percent of the economy, during the approaching holiday-shopping season."
- KC's View:
