Is the worst finally over in retail for the U.S. markets? The latest figures for retail sales suggests that sales improved in October by 1.4% after a more than expected steep decline of 2.3% in September 2009. The spending on core retail sales, that is after excluding automobile and gasoline sales, has also seen an increase in October.
Source: www.haver.com
The automobile sales in the United States have been influenced by the cash for clunkers program. In October 2009, automobile sales jumped 7.4%. However, in the month before auto sales were down by 14.3%. The decline was directly result of forward buying influenced by the cash for clunkers program, which caused an increase in auto sales in August by 10.2%.
It appears that the key subsectors in retail markets including clothing and accessories, general merchandise, Electronics &Appliances, and non-store retailers, have all experienced an increase in sales in October 2009. This certainly bodes well for the Christmas shopping season in 2009.
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