US retail sales rise 1.1% in Sept as consumers gain confidence

15 October 2012 14:38  [Source: ICIS news]

WASHINGTON (ICIS)--US retail sales rose by 1.1% in September from August, the Commerce Department said on Monday, marking the fourth consecutive monthly gain and an indication of growing consumer confidence in the nation’s economic recovery.

In its monthly report, the department said that last month’s retail sales reached $412.9bn (€317.9bn) on a seasonally adjusted basis.

That figure also represents a 5.4% improvement over the level of retail sales seen in September 2011.

For the third quarter ending in September, the department said that retail sales were up by 4.8% from the same period last year.

In another sign of improving consumer confidence, the department raised its estimate of August’s retail sales gain from the original 0.9% to a revised 1.2% advance.

Retail sales are seen as a key, real-time market measure of consumer confidence. That in turn is crucial for the overall US economy because consumer spending accounts for as much as 70% of all commercial activity and production.

($1 = €0.77)

Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy


By: Joe Kamalick
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