U.S. retail sales
excluding automobiles rose in October by the most in six months,
showing that consumers are still carrying the economic recovery.
The 0.7 percent rise in retail receipts to $230 billion was
more than twice economists’ estimates and followed a 0.1 percent
decline in September, the Commerce Department said. Sales rose at
clothing and department stores and building materials outlets.
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Federal Reserve Chairman Alan Greenspan said yesterday the
economy will strengthen. Falling interest rates have spurred waves
of mortgage refinancing, giving consumers the means to keep
spending. Stocks rose and Treasury securities fell after the
increase in sales and a second straight weekly decline in first-
time jobless claims that suggested a slower pace of firings.
“Greenspan is looking for some news that the `soft spot’ is
being put behind us, and this is one indication it could be
happening,” said Joel Naroff, president of Naroff Economic
Advisors in Holland, Pennsylvania. “People still have jobs and
income is still growing.”.
The Labor Department said first-time claims for state
unemployment insurance fell to 388,000 last week from 396,000. The
four-week average declined below 400,000 for the first time in 10
weeks. Economists say claims in excess of 400,000 indicate a weak
job market..
Bloomberg News
