People shop at an H&M store during the grand opening of the The Hudson Yards development, a residential, commercial, and retail space on Manhattan's West side in New York City, New York, on March 15, 2019. (Reuters photo) WASHINGTON: US retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the drag on the economy from weak business investment.The report from the Commerce Department on Tuesday did not change market expectations that the Federal Reserve will cut interest rates this month for the first time in a decade. But signs of strong consumer spending and rising underlying inflation suggest the US central bank is unlikely to cut rates by 50 basis points at its July 30-31 policy meeting as markets had initially anticipated. Fed chairman Jerome Powell last week told lawmakers the central bank would "act as appropriate" to protect the economy against risks stoked by a trade war between the United … [Read more...] about US retail sales increase in boost to economy
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US retail sales increase solidly in boost to economy
WASHINGTON: U.S. retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the drag on the economy from weak business investment.The report from the Commerce Department on Tuesday did not change market expectations that the Federal Reserve will cut interest rates this month for the first time in a decade.But signs of strong consumer spending and rising underlying inflation suggest the U.S. central bank is unlikely to cut rates by 50 basis points at its July 30-31 policy meeting as markets had initially anticipated.Fed Chairman Jerome Powell last week told lawmakers the central bank would "act as appropriate" to protect the economy against risks stoked by a trade war between the United States and China, as well as slowing global growth."It certainly will counteract weak business spending to some degree," said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia. "Given that the Fed is most … [Read more...] about US retail sales increase solidly in boost to economy
Singapore retail sales down 2.1% in May
SINGAPORE: Retail sales in Singapore decreased 2.1 per cent in May 2019 as compared to a year ago, according to figures released by the Department of Statistics (Singstat) on Friday (Jul 12).The estimated total retail sales value in May 2019 was about S$3.7 billion, with online retail sales making up about 5.3 per cent. On a month-on-month basis, retail sales fell 2.2 per cent. Excluding motor vehicles, retail sales declined 1 per cent, the authority said.There were mixed results across the different retail sectors. Compared to May 2018, sales of both motor vehicles and furniture and household equipment industries declined 7.5 per cent in May 2019, as a result of fewer motor vehicles sold and lower sales of furniture respectively, Singstat said. Similarly, computer and telecommunications equipment and optical goods and books industries and department stores registered declines in sales of between 4.7 per cent and 7 per … [Read more...] about Singapore retail sales down 2.1% in May
US retail sales rise in May; April revised higher
Business U.S. retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter. 14 Jun 2019 08:42PM Bookmark WASHINGTON: U.S. retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter.The Commerce Department said on Friday retail sales rose 0.5per cent last month as households bought more motor vehicles and a variety of other goods. Data for April was revised up to show retail sales gaining 0.3per cent, instead of dropping 0.2per cent as previously reported.Economists polled by Reuters had forecast retail sales climbing 0.6per cent in May. Compared to May last year, retail sales increased 3.2per cent.Excluding automobiles, gasoline, building materials and food services, retail sales advanced … [Read more...] about US retail sales rise in May; April revised higher
Singapore retail sales fell 1% in March
SINGAPORE: Retail sales in Singapore fell 1 per cent in March from a year ago, according to figures released by the Department of Statistics (Singstat) on Friday (May 10), easing from the revised 9.9 per cent fall in February. Excluding motor vehicles, March sales fell 1.5 per cent.The total retail sales value was estimated at S$3.8 billion, with online sales making up about 5.3 per cent.Most retail segments registered a fall in March, with optical goods and books seeing the biggest decline of 6.4 per cent. Food retailers saw their takings fall by 5.7 per cent from the same period a year ago, while department stores saw a 4.6 per cent decline. Four categories registered year-on-year increases, including medical goods and toiletries (2.8 per cent), as well as supermarkets and hypermarkets (0.9 per cent).Separately, sales of food and beverage industry went up by 0.7 per cent in March compared with the same period last year, … [Read more...] about Singapore retail sales fell 1% in March