Since I posted a big ol’ stew of bad economic news last night, it’s only fair to perk up the start of your week with some good economic news:
U.S. retail sales surged in October, rising above expectations on robust car sales and solid spending for a broad array of merchandise going into the holiday shopping season.
Separately, inventories at U.S. businesses in September rose above expectations, a sign of confidence among companies in the economic recovery as the holiday shopping season grew nearer. Retail sales rose 1.2% last month….The increase was the biggest since March and the fourth in a row. September sales rose 0.7%, revised up from a previously estimated 0.6% increase.
I don’t know if this is sustainable or not. Without a big drop in unemployment and steady wage gains, I doubt it, since consumers are still deleveraging and look to be doing so for a while now. Still, it’s good to see. I guess all that regulatory uncertainty isn’t holding back businesses after all.