Retail Sales Rose 1 Percent
July 13, 2010
Retail sales increased 1% for the week that ended on July 3 via the ICSC-Goldman Sachs index, retail sales rose 1% for the week ending July 3.
The year-over-year basis retailers saw sales go up 3.9%.The monthly composite index of non-manufacturing activity as reported by the Institute for Supply Management decreased to 53.8 in June while in May it was at 55.4. Any reading above 50 is a sign of expansion. This was the sixth month in a row growth was seen. Economists had predicted a reading of 55. In January of 2004, the index hit a high of 67.7.
Consumer credit debt decreased by $9.1 billion in May via the Federal Reserve. In April, the figures were revised from a first reading of a $1 billion increase to a $14.9 billion contraction. The revolving debt that also includes credit cards decrease by $7.3 billion. Non-revolving debt, which includes auto loans decreased by $1.8 billion.
Wholesalers saw an increase in their inventories in May by 0.5% with a revised increase in April of 0.2%. Wholesale sales decreased in May by 0.3%, which ended 13 straight months of increases.
First unemployment benefits claims benefits decreased to 454,000 by dropping 21,000 for the week that ended on July 3. Continuing claims that ended on June 26 decreased to 4.41 million after dropping 224,000 which is the lowest level seen since November of 2008. The estimated economy decreased by 8.4 million jobs since the recession began in December of 2007 which was largest crash since the Depression in the 1930’s.
Reports on retail sales are on the economic calendar for July 14 and industrial production on July 15, and consumer inflation report will be out on July 16.
7 Comments to Retail Sales Rose 1 Percent
Comments
I hope this will be an indication that our economy is rising.
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Hmm….how are things in Tulsa? Read a report just the other day that housing markets are stalling. I guess it’s different any where you go…
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well, where did this piece of news come from? According to the figures, we do hope that it shows that the economy is rising.
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