US Retail Sales up in September
The United States Commerce Department has released a new data on Friday showing a slight increase in retail sales in September this year, the highest in seven months, driven by higher spending on automobiles.
A new data released by the United States Commerce Department on Friday showed a slight increase in retail sales in September this year, the highest in seven months, driven by higher spending on automobiles.
In a report, the Commerce Department said that Americans have spent largely on retail items in September – particularly on automobiles, clothing and furniture – to boost sales by at least 1.1 percent, which shows sign of recovery in the sector.
Auto sales, which rose by 3.6 percent, drove the overall increase for the retail sector, which has been under constant pressure following the US credit downgrade.
The US government likewise revised its August 2011 figures to a 0.3 percent increase, up from initial flat estimates for the month.
In a separate report showed that businesses added to their stockpiles in August, the 20th consecutive month of increase while sales spiked up for a third straight month.
Experts said that the overall increase in the retail sector showed that businesses are now becoming more confident with the economic recovery, noting the keeping a high stockpile indicates demand buildup.