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News Tag: consumer spending

August 20, 2010

Internet sales soar in July due to wet weather

by Kay Mitchell
”Internet
IMRG, an industry body for global e-retailing, has reported online sales soared in July - at the quickest pace in three years. According to the industry body, the rain discouraged shoppers from venturing onto the high street and opting to purchase from the comfort of their own home. According to IMRG, £5 billion was spent in July - higher than ...




August 13, 2010

US retail sales and consumer prices up in July

by Kay Mitchell
”US
The Commerce Department has today said US retail sales grew by 0.4% in July - boosted by an increase in car sales. The figures were much needed after two months of declines. However, the figures were less than the 0.5% rise analysts had expected. US retail sales are closely-watched as consumer spending makes up for almost two-thirds of economic activity. Commenting, ...




August 5, 2010

US jobless claims rise unexpectedly

by Kay Mitchell
’US
Official figures show that the number of US workers filing new claims for jobless benefits rose unexpectedly last week to a high not seen since April. The figures show that initial jobless claims rose more than 4% to 479,000 in the week ended July 31, according to the Labor Department. Analysts had expected a fall to 455,000. It reflects "a recovery that is losing steam," ...




August 3, 2010

US Pending Home Sales Index plunges to 9-year low

by Kay Mitchell
US Pending Home Sales Index plunges to 9-year low
The National Association of Realtors (NAR) today said its Pending Home Sales Index fell by 18.6% in June on year. On a monthly basis, the index fell by 2.6% to 75.7 points based on contracts signed in June compared with May. As a result, the index fell to the lowest level since records began in 2001. The slump was attributed to ...




US consumer spending flat in June

by Kay Mitchell
”US
According to the Commerce Department, consumer spending in the US remained flat in June. Households in the US continue to be squeezed amid higher unemployment. Consumer spending, which makes up for more than two-thirds of overall economic activity in the US, was unchanged from May. Meanwhile, incomes failed to increase for the first time since September. Last week, official figures revealed the US economy ...




July 7, 2010

Q1 sales growth slows at M&S

by Kay Mitchell
”Q1
British retailing giant, Marks and Spencer (M&S), has today announced UK same-store sales grew in its first quarter (13 weeks to 3 July), while food sales rose 1.5% and general merchandise was 6% higher. While the figures represented the third quarter of sales growth in a row, it was slower than the 5.1% increase in the previous quarter. The 126-year-old retailer which sells ...




June 28, 2010

US consumer spending creeps up 0.2% in May

by Kay Mitchell
”US
According to the Commerce Department, consumer spending in the US rose to an eight-month high in May, by 0.2% on month, suggesting the recovery is still on course. The rise in consumer spending, which makes up for more than two-thirds of overall economic activity in the US, slightly exceeded expectations of a 0.1% rise. The news sent the Dow Jones industrial ...




June 25, 2010

US Q1 economic growth figures revised downwards

by Kay Mitchell
”US
The Commerce Department has today revealed the US economy grew by an annualised 2.7% in the January to March period – slightly lower than the 3.2% previously estimated. This figure is the third and final estimate and the downward revision was due to a slower rate of business investment and consumer spending. However, it still means the world’s largest economy has grown ...




June 15, 2010

Tesco sales boosted by US operation

by Kay Mitchell
”Tesco
Supermarket giant Tesco has today reported a 6.9% increase in total group-wide sales, (excluding petrol). Tesco, which is the UK's largest retailer, said the global economic recovery was "well underway" and said it was seeing proof of a rise in consumer spending. Boosted by new store openings, sales growth for the three months to the end of May was in the US, ...




May 28, 2010

US Q1 economic growth figures revised downwards

by Kay Mitchell
”US
The Commerce Department has revealed the US economy grew by an annualised 3% in the January to March period – slightly lower than the 3.2% previously estimated. The figures surprised analysts who had predicted an upward revision to 3.4%. The downward revision was due to a slower rate of business investment, which fell to 3.1% down from a previous estimate of 4.1%. However, ...




May 5, 2010

Next profits on track but ‘very cautious’

by Kay Mitchell
”Next
Fashion chain Next said it had a solid first quarter and is on track to meet full-year profit targets but added: "We remain very cautious in our outlook for the year ahead". Its cautious statement comes as many other companies warn of slow consumer spending after the General Election as the new Government embarks on cutting the UK’s budget deficit. Next, ...




April 26, 2010

UK retail sales see marginal rise in March

by Kay Mitchell
’UK
The Office for National Statistics (ONS) has revealed a slight rise in UK retail sales for the month of March. According to the ONS, retail sales volumes during the month grew by 0.4% from February - less than the 0.6% analysts had expected. Sales grew strongly in February but this followed a poor January, when retail sales were hit by ...




April 8, 2010

M&S sales beat forecasts but issues caution

by Kay Mitchell
”M&S
British retailing giant, Marks and Spencer (M&S), today posted better-than-expected same store sales of 5.1% in the UK in the 13 weeks to March 27 (its fiscal fourth quarter). Sales were boosted by strong demand for formalwear and knitwear. The company said clothing sales grew 10.1%, while homewares rose 13.3%. Furthermore, food sales (which have suffered due to strong competition from Waitrose), ...




March 29, 2010

US consumer spending up 0.3% in February

by Kay Mitchell
”US
According to the Commerce Department, consumer spending in the US rose for a fifth consecutive month in February, by 0.3%, as widely expected. The rise in consumer spending, which makes up for more than two-thirds of overall economic activity in the US, followed a revised 0.4% rise in January. According to the data, consumers increased their spending on food and clothing, by ...




March 5, 2010

US unemployment rate holds steady at 9.7%

by Kay Mitchell
”US
The Labor Department has today revealed the US unemployment rate remained unchanged at 9.7% in February and lower than the 10% rate reported in December. According to the Labor Department, employers cut 36,000 jobs last month - fewer than the 50,000 analysts had been expecting and compares to a revised 26,000 job cuts in January. In the meantime, since the onset ...




US home sales in surprise fall in January

by Kay Mitchell
US home sales in surprise fall in January
The National Association of Realtors (NAR) has revealed a fall in sales of previously owned homes in the US for the month of January, suggesting the extension of the $8,000 tax credit for first-time buyers is having little appeal. The industry body said sales agreements fell 7.6% in January compared with December and the index that tracks sales agreements ...




March 4, 2010

US Fed’s influential Beige Book sees modest growth

by Kay Mitchell
”US
The latest publication of the US Federal Reserve’s influential Beige Book reported that the world’s largest economy has continued to grow this year but at a "modest" pace. The Beige Book, which is compiled eight times a year, is based on reports and comments from businesses throughout the US. It said despite a pick up in consumer spending, severe snowfall in ...




March 1, 2010

US consumer spending up 0.5% in January

by Kay Mitchell
”US
According to the Commerce Department, US consumer spending rose faster than expected in January by 0.5% - the fourth consecutive monthly rise. The rise in consumer spending, which makes up for more than two-thirds of overall economic activity in the US, was better than expectations of 0.4%. Meanwhile, the data said personal incomes crept up 0.1% - after a rise of 0.3% ...




February 26, 2010

High street spending recovers as shoppers return

by Kay Mitchell
”High
The quarterly Confederation of British Industry (CBI) report has revealed shoppers returned the High Street in their droves in February after UK retailers reported their strongest growth in sales volumes for two years in early February. The CBI also believes further growth will be experienced in March as consumers begin to loosen their purse strings. According to the CBI’s latest Distributive Trades ...




February 1, 2010

US consumer spending up 0.2% in December

by Kay Mitchell
US consumer spending up 0.2% in December
According to the Commerce Department, US consumer spending rose by just 0.2% in December after a 0.7% rise in November. The rise in consumer spending, which makes up for more than two-thirds of overall economic activity in the US, was slightly under analysts expectations of a 0.3% gain. For 2009, consumer spending fell 0.4% - the biggest drop since 1938. Meanwhile, ...