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Sales at U.S. retailers unexpectedly rebounded in January, government data showed on Thursday, likely boosted by post-holiday discounts and providing a glimmer of hope for the recession-hit economy.
The Commerce Department said total retail sales rose 1 percent, advancing for the first time in seven months, after slumping by a revised 3 percent in December, previously reported as a 2.7 percent decline.
January's increase in retail sales was the biggest since November 2007.
Originally posted by LiquidMirage
reply to post by tide88
It's only one data point. When sales increase for 4, 5, or 6 months, then you have a trend and an indication that we may be coming out of this...but don't look for it though. The criminals that are in charge of the country now are determined to destroy the economy, and the U.S. as a rusult. It's been their goal since the 60's.
"The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for January, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $344.6 billion, an increase of 1.0 percent (±0.5%) from the previous month, but 9.7 percent (±0.7%) below January 2008. Total sales for the November 2008 through January 2009 period were down 9.5 percent (±0.5%) from the same period a year ago. The November to December 2008 percent change was revised from –2.7 percent (±0.5%) to –3.0 percent (±0.2%).
Retail trade sales were up 1.1 percent (±0.7%) from December 2008, but were 11.0 percent (±0.7%) below last year. Gasoline stations sales were down 35.5 percent (±1.5%) from January 2008 and motor vehicle and parts dealers sales were down 22.2 percent (±2.3%) from last year. "
Just another example (we can do one of these every day...) of how 'happy-talk' media reports things: Most are saying retail up 1%. BUT if you take the government numbers for January of this year, 344,649-million and divide by January a year ago, 381,673, you'll see that retail is down 10% year-on-year...but it's even worse because you can add in what? 5% inflation, so it's really down 14-15% year-on-year? who are these finance writers so devoid of numeracy?
Originally posted by tide88
Forclosures are also down 10%. We can only hope that maybe things will be bottoming out in the next 6 months. I can hope cant I?
Originally posted by tide88
reply to post by eldard
I dont think anyone is ecstatic about this news, but at least it is something positive. We need a boost in consumer confidence. Will this do it? Highly doubful. But at this point any news that isnt negative is good.