Retail Stocks Rise On October-Sales Upside

Retail stocks rose on Monday after the Commerce Department reported better-than-expected October sales, giving hope that consumer spending may hold up heading into the holiday season despite a record-high unemployment rate.

The S&P Retail Index climbed 1.4% to 411.01.

Sales rose a seasonally adjusted 1.4% in October, better than economists' average 1% estimate, led by a rebound in auto sales from a post-clunkers slump, the Commerce Department data showed. Excluding auto sales, retail sales rose 0.2%, the third straight monthly increase.

Economists are predicting that consumer spending, about two-thirds of the economy, will add to U.S. economic growth in the fourth quarter, despite obstacles such as a 10.2% unemployment rate. The result, however, was offset by a downward revision to September sales.

Read Full Article from Wall Street Journal

- Posted: 2009-11-16 10:48:01

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