Thursday – December 11
Consumers opened their wallets in November and spent on goods ranging from cars to clothing as the holiday shopping season got underway. The Commerce Department reported that Retail Sales rose by 0.7% last month, above the 0.4% expected and up from the 0.5% recorded in October, which was revised from 0.3%. Retail Sales are an important gauge of consumer spending, which drives a large portion of the U.S. economy. The retail sales report is a measure of the total receipts of retail stores from samples representing all sizes and kinds of business in retail trade throughout the nation.
In the housing industry, RealtyTrac reported that foreclosure filings fell by 9% from October to November and down 1% from last year. The market researcher reported that November was the 50th consecutive month that saw year-over-year declines in overall foreclosure activity. There was a total of 55,906 properties that began the foreclosure process last month, down 1% from the previous month, but up 6% from a year ago.
The Labor Department reported that Americans filing for first time Unemployment benefits fell in the latest week as employers continued to lay off fewer workers as the job market recovers. Weekly Initial Jobless Claims fell by 3,000 in the latest week to 294,000, which was just below the 295,000 expected. A more robust job market will strengthen both consumer spending and the housing markets as Americans feel more confident in their jobs and job prospects.
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