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Economic News in Review Greenville SC - Dec 15, 2015
Economic News in Review Greenville SC
Here is last week’s Economic News in Review Greenville SC.
Retail sales were up, but slightly off from expectations, while consumer credit and lay-offs succumbed to seasonal volatility, posting their biggest gain in five months.
Retail sales for November grew 0.2 percent to hit $448.1 billion, according to last week’s report from the Census Bureau. This was slightly off from market expectations of a 0.3 percent gain, but when compared annually, the month’s retail receipts were 1.4 percent higher than November 2014’s tally.
Key drivers for November’s growth were clothing, grocery stores, sporting goods and hobby retailers, which all saw a 0.8 percent gain; food service and drinking establishments, which grew 0.7 percent; and electronics stores, which were up 0.6 percent. Poor performers included gas stations, which saw a 0.8 percent sales drop; and auto and parts dealers, which fell 0.4 percent, with car dealers in particular seeing a 0.6 percent loss.
“Consumers aren’t being overly lavish in their spending, but they’re still spending,” James Rhee, chief executive of women’s clothing store Ashley Stewart Inc. told the Wall Street Journal. “They are concentrating their spending with fewer retailers and being more exacting in their demand for differentiated product and experiences.”
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