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Consumer spending in U.S. declines as Sandy reduces wages

By Alex Kowalski, Bloomberg

November 30, 2012 • Reprints

Retail Sales

Some of the decline was likely caused by Sandy. An earlier read on October spending showed retail sales fell for the first time in four months, according to Nov. 14 figures from the Commerce Department. While the government said it was able to collect information from storm-affected areas, it said it couldn’t quantify Sandy’s impact.

The storm closed as many as 230 stores owned by Brown Shoe Co., according to Diane Sullivan, the St. Louis-based company’s president and chief executive officer. While all but four locations re-opened within nine days, the operator of the Famous Footwear chain expects fourth-quarter sales were cut by about $2.5 million, Sullivan said during a Nov. 20 earnings call.

Sandy affected 106 Urban Outfitters Inc. stores and curtailed online shopping, reducing fiscal third-quarter revenue by about 1 percentage point, according to Chief Financial Officer Frank Conforti. The impact will be smaller in the fourth quarter, he said on a Nov. 19 call with analysts.

Car and light truck demand also cooled, falling to a 14.2 million pace last month, after Sandy hit during the auto industry’s busiest time of the month. Carmakers have said those sales should be made up by the end of the year.

November Sales

The effect carried over into this month, as well. Retailers posted November same-store sales that trailed analysts’ estimates as Sandy depressed traffic early in the month, overwhelming gains from the start of holiday shopping.

Sales at Macy’s Inc., the second-biggest U.S. department- store company, fell 0.7 percent, compared with the average projection for a 2.5 percent gain from analysts surveyed by researcher Retail Metrics Inc. Target Corp., the second-largest U.S. discount chain, posted a 1 percent decline in same-store sales, missing the estimate for a 2.1 percent increase.

For all of the third quarter, household purchases climbed at a 1.4 percent annual rate, the smallest gain in more than a year and down from a previously reported 2 percent advance, Commerce Department data showed yesterday. Spending increased at a 1.5 percent pace in the second quarter.

Fed’s Dudley

“Although the economy continues to expand, we must grow faster if we are to put all of our jobless workers and idle businesses back to work,” William Dudley, president of the Federal Reserve Bank of New York, said yesterday.

Even so, continued payroll gains, climbing home values and better household finances are lifting Americans’ spirits. The Conference Board’s sentiment index rose to 73.7 in November, the highest level since February 2008, a report showed this week.

Households felt good enough to head to shopping centers on Black Friday weekend. U.S. retail sales rose 13 percent to $59.1 billion in the four days starting Nov. 22 after a 16 percent increase in the similar period last year, according to the National Retail Federation.

Today’s Commerce Department report also showed a measure of prices tied to consumer spending advanced 1.7 percent in October from the same month last year, less than the Fed’s long-run goal of 2 percent. Excluding food and energy costs, the price gauge increased rose 1.6 percent from a year earlier.

Bloomberg News

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Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Related Terms
US Federal Reserve 8527Bloomberg 5254financials 2975Economy 1513food 887Department of Commerce 838gross domestic product 748retail 307energy costs 224Conference Board 213Federal Reserve Bank of New York 181William Dudley 65Target Corp. 54Consumer spending 44Spending 34National Retail Federation 31PNC Financial Services Group Inc. 28Urban Outfitters Inc. 15online shopping 11Retail Metrics Inc. 10car dealerships 10discount chain 10Gus Faucher 9Diane Sullivan 1Brown Shoe Co. 1Frank Conforti 1

Free Newsletter Modern Trader Follow

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