Novemberâ€™s Retail Sales Further Economic Optimism
December 11, 2009 - For the month of November, retail sales increased 1.3%, representing nearly $352.1 billion worth of monthly sales, a sign that consumer spending is accelerating into 2010. This comes as an unanticipated rise since most economists predicted just a 0.6% increase from the month of October.
November's sales included the Black Friday rush and the post-Thanksgiving weekend, which typically lure shoppers with their seasonal price reductions. Several shoppers were shown responding well to these price cuts, where according to the National Retail Federation, sales advanced 0.5%, largely due to discounted toys and electronics.
Consumers are beginning to spend a bit more freely now that job losses are down and holiday discounts are ever present. According to the U.S. Labor Department, job losses fell 11,000 for the month of November, the lowest decline seen since December 2007.
Additionally, holiday discounts are around every corner, allowing many to shop at great values throughout the season. The fourth quarter consumer spending report will truly tell how much markdowns are impacting shoppers during the holiday selling season.