From Home Furnishing Business
Retail Sales Climb
Furniture sales gave overall retail sales a bump last month. The industry's sales jumped 1 percent in October, and that's on top of a 0.7 percent jump in September.
Retail sales in the U.S. rose more than forecast in October, a sign that consumer spending was resilient even during the government shutdown.
The 0.4 percent increase was the most in three months and followed no change in September, Commerce Department figures showed today in Washington. The median forecast of 86 economists surveyed by Bloomberg called for a 0.1 percent October advance. Sales excluding gasoline climbed 0.5 percent.
Fuel costs near their lowest levels in more than two years and household wealth boosted by rising stock and home prices may keep underpinning consumers’ ability to buy. The pickup boosts the outlook for retailers such as Macy’s Inc. heading into the holiday-shopping season.
Read Entire Story Source: Bloomberg