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Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update discusses retail sales.
- Retail sales rose 7.2 percent from one year ago in the latest data release. The current sales activity has already surpassed the prior peak pre-recession and is breaking new highs with each passing month.
- More than half of the rise is due to the higher prices consumers are forking over at retail shops. But even after accounting for inflation, the growth in retail sales is very respectable. The sales figure will likely lead the fourth quarter GDP to rise by at least 2 percent, thereby assuring no recession or job cuts ahead.
- Retail sales at furniture and other home furnishing stores still remain in a depressed mode with only a slight recovery. The latest data did imply a better than 3 percent gain from one year ago, but that is still more than 22 percent off levels from five years ago.
- Home sales have trended sideways for a good part of the past three years. Only consistent increases to home sales will induce people to visit furniture and home furnishing stores.
- Spending at beer and liquor stores rose again after no slowdown whatsoever during the recession.
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