If this November you've been waiting for some crucial consumer indexes or data, then the The U.S. Commerce Department has some good news for you. According to their most recent data, whivh they've announced earlier this week the overall retail sales increased 0.8% from September to October, a 4.3% rise as opposed to where it's been a year ago. On top of that, the net sales grew 1% in September, which was a rectification up from a previously reported 0.6%. This is a remarkable improvement over the two-month stretch of sales in at least two years. As reported earlier this month, GDP also surged at a more-than-healhy 2.9% annual rate in the third quarter after a weak 1.4% increase in the second, its most fast growth tempo in the last two years. After the newest data was released this week, Goldman Sachs and Barclays both upped the fourth quarter GDP projects to about 2.5%. Consumer spending makes up more than 60 percent of the America's economic output. “The average consumer is in very good shape, economically speaking and is poised to continue to lead the economy forward based on the ever-increasing wages, lower-than-expected unemployment and clean balance sheets,” Stephen Stanley, chief economist at Amherst Pierpont, said in a note to clients, as reported by the Wall Street Journal. At the end of the second quarter of this year, the Commerce Department reported that spending increased by 1% in April, the largest increase in more than six years. Policymakers at the Federal Reserve have suggested they will move to raise interest rates if the economy is steadily improving at their next meeting on December 13 and 14. Within the promotional products industry, distributors reported a 3.1% increase in revenue for the third quarter and industry confidence remains consistent, according to recent ASI data. The Counselor Confidence Index (which gauges the health and optimism of promotional product distributors) stood at 113 in the third quarter of this year, a slight increase from 111 in the second and first quarters, though it has remained relatively unchanged over the last three years.
Source: https://www.asicentral.com/news/newsletters/promogram/november-2016/consumer-spending-hits-growth-spurt/
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