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Economic News in Review Greenville SC - Jan 21, 2014
Economic News in Review Greenville SC

Here is last week’s economic news in review Greenville SC.
Last week’s economic headlines saw gains in retail sales, along with consumer and producer price increases, a return to more measured performance in short-term employment activity, and new home construction ended the year on a positive note.
Retail Sales
Retail sales enjoyed a bump in December thanks to holiday shopping and sales of winter clothing and related goods, according to sales numbers released last week by the Census Bureau.
Looking at December’s performance, retail and food services sales grew by 0.2 percent over November to hit $431.9 billion, the Bureau reported. This marked a 4.1 percent gain over December 2012, and total sales for the 12 months of 2013 were up 4.2 percent from 2012. These performance gains are important, because consumer spending powers 70 percent of the U.S. economy.
“It’s encouraging as we exit the year, particularly with some of the headwinds that we had with a little bit more challenging weather and the shorter holiday-spending period,” Ameriprise Financial Inc. senior economist Russell Price told the Bloomberg new services, adding that “the consumer is still a driver [of the economy].”
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