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xchrom

(108,903 posts)
28. Retail Sales in U.S. Probably Rose on Labor Market Gains
Sun Feb 10, 2013, 09:44 AM
Feb 2013
http://www.bloomberg.com/news/2013-02-10/retail-sales-in-u-s-probably-rose-on-labor-market-gains.html

Sales at U.S. retailers probably grew in January as an improving job market helped consumers cope with an increase in the payroll tax, economists said before a report this week.

The projected 0.1 percent rise would follow a 0.5 percent advance in December, according to the median forecast in a Bloomberg survey of 68 economists before Feb. 13 figures from the Commerce Department. Another report may show factory production is expanding.

Employment gains are shoring up consumer sentiment and boosting sales for retailers such as Gap Inc. and Target Corp., even as a two percentage-point rise in the tax that funds Social Security trimmed paychecks. Higher home values and stock prices are also bolstering household wealth, giving an added lift to the purchases that account for about 70 percent of the economy.

“The longer-term prognosis here is a little bit better,” said Michael Brown, an economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “We are starting to see personal income grow a little bit due to additional job creation.”
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