The end of the third quarter produced some good economic news, sending hopes that the economic recovery is picking up momentum. According to the economic data which was released on Monday retail sales in the United States went up in September as Americans made more purchases of just about everything, from cars to electronics.
In less good news manufacturing slowed in again October in New York State, although the size of the shrinkage was not as large as September’s manufacturing slowdown.
Retail sales advanced at a pace faster than what was originally expected; 1.1 percent in September, according to Commerce Department data.
This increase in consumer spending is great news for the economy because purchasing accounts for as much as two-thirds of economic growth.
“This is a good end of (the) third quarter and we have some good momentum to the fourth quarter,” said Craig Dismuke, an economic strategist at Vining Sparks in Memphis, Tennessee.