|
The government's auto sales figures and the automakers' numbers don't always match up. And dealers may have also offered discounts in order to boost sales. Low interest rates, better loan availability and new car models have helped drive sales higher in the last three months. Sales at gasoline stations rose 1.4 percent last month, the most in 10 months. Gas prices have risen steadily in recent months. The average price for a gallon of gas was $3.51 on Tuesday, up 12 cents from a month earlier. One encouraging sign: consumers spent much more at general merchandise stores, a category that includes big chains such as Wal-Mart and Target, and at department stores such as Macy's. Sales at those stores jumped 2 percent, after declining 0.7 percent in December. And Americans are spending more at restaurants and bars, which reported a 0.6 percent increase in sales. Sales at online and catalog retailers fell 1.1 percent, the most in almost two years. Shoppers likely pulled back after the holiday shopping season. Consumers are taking on more debt after cutting back immediately after the recession. Consumer borrowing, which includes credit cards, auto loans, and student loans, posted the biggest monthly gains in a decade in November and December. The increases could mean that consumers are more confident about the economy. Hiring has picked up in recent months, which could support more spending. Employers added 243,000 net jobs last month, the fifth straight month of solid hiring. The unemployment rate fell in January to 8.3 percent, the fifth straight monthly decline. More jobs have helped boost growth. The economy expanded at an annual rate of 2.8 percent in the final three months of last year. Growth may slow a bit from that pace in the first three months of this year, in part because of the anticipated decline in inventory growth. Many economists forecast growth of between 2 percent and 2.5 percent this year.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor