Retail sales post biggest gain in four months |
| MarketWatch - Aug 12, 2011 |
Consumers spent more money in July on a wide variety of goods, marking the biggest one-month increase in retail sales since the spring.
Retail sales rose a seasonally adjusted 0.5% last month, the largest increase since April, the Commerce Department said Friday. Economists surveyed by MarketWatch had expected sales to increase 0.7% overall.
The mild but broad-based increase in spending at retailers marks a bright spot amid a sea of mostly negative economic data over the past month that’s renewed concerns about the U.S. falling back into recession. The willingness of consumers to spend — the single biggest contributor to economic growth — is a critical bulwark against a potential downturn.
“The solid July retail sales report should help allay recession fears,” said Sal Guatieri, senior economist at BMO Capital Markets.
The retail-sales figures helped to boost stocks in Friday trades, though market gains tapered off after another report showed that consumer confidence has fallen sharply over the past month.
Read Full Article from MarketWatch
- Posted: 2011-08-12 21:59:32
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