Retail Sales Rise Sharply in September

BY

Shoppers, encouraged by cooler temperatures and falling gasoline prices, went on a shopping spree in September, giving many retailers better-than-expected gains and lifting the industry’s spirits two months before the holiday season. A notable exception was Wal-Mart Stores Inc.

Of the first 44 retailers to report September results, 32 topped analysts expectations and 12 fell short.

The news was encouraging because analysts had braced for a consumer spending slowdown in the second half of the year as the economy cooled.

But the deteriorating housing market remains a big concern. In the last few years, a booming home sales and record-low interest rates spurred spending as consumers taped into their rising home equity.

Meanwhile, although the Conference Board reported last week a rebound in consumer confidence in September, the survey showed lingering concerns about the job market. Employment showed modest gains in August, with wages barely up, and analysts are forecasting only a modest increase of 120,000 jobs for September. The Labor Department will report that figure Friday.

Still, declining gasoline prices, which have fallen 50 cents a gallon in recent weeks, should help ease concerns about the job market. Economists had worried that rising energy costs would derail the labor market as companies look to cut costs by laying off workers.

浪子

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