Retail electronic sales increase

This article was last updated on April 16, 2022

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Retail sales rose more than projected in October as Americans snapped up new Apple Inc. iPhones and demand for automobiles improved, giving the world’s largest economy a boost entering the final quarter of 2011.

The 0.5 percent gain followed a 1.1 percent increase for September, Commerce Department figures showed today in Washington. The median forecast of 81 economists surveyed by Bloomberg News was a rise of 0.3 percent. Purchases of electronics jumped by the most in two years.

Consumer spending, the biggest part of the economy, needs to keep growing to bolster the expansion as the European credit crisis threatens to slow sales overseas. Nonetheless, retailers like Macy’s Inc. and Kohl’s Corp. plan to use discounts to lure shoppers during the holiday season as unemployment hovers around 9 percent and wage gains fail to keep up with inflation.

“The rise in retail sales suggests a very strong start to the quarter,” Millan Mulraine, a senior U.S. strategist at TD Securities in New York, said before the report. “Consumers are finding some reassurance in the fact that the economy isn’t going into a recession and the labor market isn’t going belly up.”

Economists’ estimates in the Bloomberg survey ranged from a gain of 1.3 percent to a decline of 0.3 percent.

Other reports showed wholesale prices dropped in October and manufacturing in the New York region expanded in November for the first time in six months.

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