Comment on U.S. Bureau of Census Retail Sales Report
Kathy Bostjancic, Director of Macroeconomic Analysis, The Conference Board
Cautious Consumers Not Ready to Spend
NEW YORK, Sept. 13, 2013 /PRNewswire/ -- The following is a comment on U.S. Bureau of Census Retail Sales Report by Kathy Bostjancic, Director of Macroeconomic Analysis, The Conference Board:
Retail buying was disappointing this summer, as job growth slowed well below the 180,000 per month trend. Sentiment had improved on hopes the opposite would occur. It didn't, and long delayed spending plans remain largely on hold until better and more consistent job and income increases are in evidence. This is not good news for retail buying this autumn and there might be no change in these conditions right into the holiday season – a projection likely to dampen spirits in the retail sector. Outside of car replacement, there is no sign that spending is picking up any momentum, especially if it entails borrowing. Outside of car and student loans, consumer credit demand remains weak, reflecting a degree of continued household concern about whether this economy will ever start to deliver more jobs and fatter paychecks.
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SOURCE The Conference Board