Sales in Oct. are much higher than initially estimated
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WASHINGTON (CBS.MW) - US retail sales remained strong despite a second straight month of weak auto sales, according to Commerce Department figures released Monday.
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Sales will be $3.35 billion to $3.5 billion, compared with an October forecast of $3.46 billion to $3.75 billion, because of lower revenue from handsets.
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Retail sales rose more than twice as much as expected in May, while import prices surged, adding to recent data suggesting the U.S. economy is recovering strongly after a slowdown in the first quarter.
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Retail prices for the greater New York area climbed 0.7% higher in October, with higher costs for housing, transportation, food and apparel offsetting a seasonal decline in electricity prices, according to the US Department of Labor&#39;s Bureau of Labor
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The US economy added 337,000 now jobs in October, a seven-month high and much higher than Wall Street expectations.
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Retail sales rose more than twice as  much as expected in May, while import prices surged, adding to  recent data suggesting the U.S. economy is recovering strongly  after a slowdown in the first quarter.
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Rising energy costs drove up U.S.  consumer prices a larger-than-expected 0.6 percent in October,  while industrial output and housing starts rebounded strongly  from the prior month.
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Drugstore chain CVS Corp. said Tuesday that sales at stores open at least one year, or same-store sales, rose 5.4 percent during the month of October.
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A surprisingly big climb in U.S. retail sales in September and a larger-than-expected gain in underlying producer prices bolstered hopes for an economic revival and views the Federal Reserve will keep raising interest rates.
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A big climb in September U.S. retail  sales and larger-than-expected gains in underlying producer  prices boosted hopes for stronger growth and views the Federal  Reserve will keep raising interest rates.
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&#39;The ongoing stimulus of lower-than-expected mortgage interest rates was the primary driver of strong home sales in October.&#39;.
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Sales of existing U.S. homes rose unexpectedly to a record high in November and prices surged as low mortgage rates fueled home-buying, a trade association report showed on Wednesday.
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Drugstore chain CVS Corp. CVS.N on  Tuesday said October sales at stores open at least a year rose  5.4 percent on higher demand for prescriptions and other  merchandise at its CVS stores.
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Wholesale prices in the United States jumped 1.7 percent in October as a result of sharply higherenergy and food costs, the Labor Department reported on Tuesday.
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Defying expectations again, the state's housing market rebounded in November, with the volume of condo sales skyrocketing 53.6 percent from the year-earlier period and setting a record for the month, according to a report released yesterday by the Massachusetts Association of Realtors.
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The economy created 337,000 new jobs in October, nearly double the 169,000 that Wall Street was expecting. The overall unemployment rate rose marginally to 5.5 percent from 5.4 percent.
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The outlook for the holiday season brightened Thursday as many of the nation&#39;s retailers reported an improvement in sales in October.