Retail sales jump 1.2% in October, 4th Straight Month

http://money.cnn.com/2010/11/15/news/economy/retail_sales/

Retail sales jump 1.2% in October, 4th Straight Month
By Hibah Yousuf, staff reporter November 15, 2010: 8:44 AM ET


NEW YORK (CNNMoney.com) -- Retail sales rose for a fourth straight month in October, the government reported Monday, signaling that consumers are keeping their wallets open as the holiday shopping period approaches.

Total retail sales rose 1.2% from the previous month to $373.1 billion, compared with September's upwardly revised 0.7% jump, the Commerce Department said. Economists surveyed by Briefing.com were expecting October sales to rise 0.7%. Sales were up 7.3% from a year earlier.

Consumer spending accounts for two-thirds of U.S. economic activity, so retail sales and related reports are closely monitored to gauge the health of the economy.

Sales excluding cars and auto parts rose 0.4% last month, in line with economists' forecasts.

All eyes will remain on the retail sector this week, as a number of companies release third-quarter financial results and issue their forecasts for the period that includes the holiday season.

Discount giants including Wal-Mart (WMT, Fortune 500) and Target (TGT, Fortune 500) are due to report, as well as higher-end department stores including Nordstrom (JWN, Fortune 500) and Saks Incorporated (SKS).

Sid

K and R

for the 2010 elections to help the Dems, but if the trends continue President obama will have a booming economy going into the 2012 election which will help all dems.