US Retailers Saved by Auto Sales

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Despite weary spending and consumer confidence still at all time low, the economy is showing small steps back to recovery following a reported jump in the sales of automobiles and lowering of gasoline prices that help US retailers catch up with losses.

The US Commerce Department on Wednesday said that the economy is now slowly inching its way back to recovery with record sales in the US retailer market due to increased auto sales and declining oil prices.

The department all said that the measure of inflation has narrowed down, almost doubled the record it has a month earlier. This data, according to the Commerce Department, only shows that the economy is seeing the light at the end of the tunnel.

In its report, the US retailers’ sale increase by as much as 0.6 percent from June’s results. Economists have earlier predicted that it will only reach 0.4 percent maximum.

But disappointing sales outside the auto and oil market shows that Americans remain wary on spending big buck and refuse to make huge financial investment as long as the recession can still be felt by an average citizen.

Economists said that the slow pace of the economy added the pressure of inflation can be a dangerous mix. However, they said that people should not be afraid to spend even if there is a recession.

Meanwhile, the Labor Department said that unemployment rate in the country will remain high and will likely to push through in the coming months.

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US Retailers Saved by Auto Sales

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