Retail sales rose more than forecast in December as consumers snapped up holiday gifts amid year-end discounting, giving the world’s biggest economy a lift at the end of 2013.THAT WAS THE POINT OF THE SPIN.
Purchases increased 0.2 percent after a 0.4 percent advance in November that was smaller than previously reported, Commerce Department figures showed today in Washington. The median forecast of 86 economists surveyed by Bloomberg called for a 0.1 percent gain. Excluding cars, demand jumped by the most in almost a year.
Holiday-season deals probably helped retailers overcome the coldest December in four years. At the same time, improving confidence owing to falling joblessness and further healing in the housing market is likely to support household spending, which accounts for almost 70 percent of the economy, in 2014.
“There is the hope that the momentum is going to continue and the good news will feed on itself,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, who correctly projected the rise in retail sales. “Better spending will lead to more jobs and more jobs will lead to more spending.”
Stock-index futures held earlier gains after the report.
FACT: In December - the biggest retail month of the year, sales growth dipped from the previous month. Car sales PLUNGED and it was a LOUSY Christmas for bricks and mortar retailers. And 2013 was worse than 2012.
Leftist Spin can slow the inevitable stock decline, but it cannot stop it.
AP ran a truthful item - and limited it to ONE single line. (I guess the truth made them sick):
US retail sales rise just 0.2 percent in December, but traditional holiday shopping weak.
YES: WEAK. VERY WEAK.
And the repercussions have not yet begin to be felt.
Stay tuned...
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