Today, the U.S. Census Bureau released retail sales data for September 2010 and data on manufacturing and trade inventories and sales for August 2010. Both retail sales and business inventories rose 0.6 percent, exceeding private-sector expectations. Monthly sales for retail and food services in September increased 7.3 percent from September 2009, and business inventories in August rose 4.7 percent from August 2009.
“Retails sales have shown strong growth over the last three months,” U.S. Commerce Secretary Gary Locke said. “This rising trend signals that consumer spending is expanding and that the recovery is broadening. The outlook for sustained growth remains positive, and this administration remains focused on continuing the economic turnaround that has now seen four straight quarters of GDP growth and nine straight months in which the private sector has added jobs.” Statement | Report on retail sales | Report on manufacturing and trade