twice connect

Oct. CE/Majap Sales Up 3.6%: Feds

11/15/2010 04:56:31 PM Eastern

Washington -
October sales at CE and appliance stores rose 3.6 percent year over year, but
slipped nearly 1 percent from September, the U.S. Commerce Department reported.

According to the
agency's monthly retail sales tally, last month's take for the CE and appliance
channel declined 0.7 percent from September. Sales figures were seasonally
adjusted for calendar variations and holiday and trading day differences, but
not for price changes.

By comparison,
total retail sales, excluding auto dealers, gas stations and restaurants, increased
0.3 percent seasonally adjusted over September and 2.6 percent unadjusted over
last year, representing the fourth consecutive month of sales gains.

"This continued
momentum is good news for the industry, especially with Black Friday and Cyber
Monday quickly approaching," said Matthew Shay, president/CEO of the National
Retail Federation (NRF), an industry trade group. "While there is no question
that consumer demand has improved, there are still questions about consumer
confidence tied to high unemployment. We need to see improvement in key
economic indicators to sustain any long-term growth."

Added NRF chief economist
Jack Kleinhenz, "While spending throughout the [retail] industry was varied, it
appears the fourth quarter has gotten off to a solid start. October's results
are a clear indicator that the economy and consumer spending continue to show
marked improvement, even though we expect consumers to proceed with caution."

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