With consumer confidence at a five year high during the month of September, retail sales have followed suit based on new numbers released by the Commerce Department today.
(Reuters) - Retail sales rose in September as Americans stepped up purchases of everything from cars to electronics, a sign that consumer spending is driving faster economic growth. [...]
Macroeconomic Advisers, a forecasting firm, raised its outlook for the pace of third-quarter economic growth to 1.9 percent, up three tenths of a point from its previous view.
The details of the retail sales report showed broad strength, with sales outside autos, gasoline and building materials -- a closely followed barometer of consumer spending -- climbing 0.9 percent last month. That was well above expectations.
In related news, retailers are expected to hire as many as 625,000 new workers during the holiday season. The highest amount since the 2008 financial crisis.
According to retail trade association National Retail Federation, retailers will add 585,000 to 625,000 hires.
“This is the most optimistic forecast NRF has released since the recession. In spite of the uncertainties that exist in our economy and among consumers, we believe we’ll see solid holiday sales growth this year,” said NRF President and CEO Matthew Shay said in a statement. [...]
The NRF expects consumers to increase spending 4.1 percent at retailers this holiday season.
Meanwhile, Mitt Romney continues to campaign on the idea that the economy has gotten over the past four years.
I'm as cynical as they come, but I do believe more Americans will trust their own eyes on the economy rather than Romney's deceptive TV commercials.