Job Market
Strong retail sales in MarchPosted by RJ and Makay on Apr 16, 2012 |
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Retail sales rose 0.8% in March as consumers increased their spending on a wide range of goods and services for the third straight month, the Commerce Department reported today. The retail sales increase easily beat economists’ forecasts of 0.4%. Consumer spending accounts for 70% of the nation’s economy, so experts are likely to revise upward their forecasts for first quarter gross domestic product (GDP).
Preliminary results of the most recent Merrill Lynch Affluent Insights Survey indicate that affluent advisors are closely watching market volatility and the job market to determine their level of retirement investments for 2012. 38% of affluent investors said more stable markets would encourage them to invest more, and 37% said an improved job picture would raise the level of their investments.
The number of new claims for state unemployment insurance fell to a 9-month low last week, an indication that the job market is improving. Initial claims fell 23,000 to a seasonally adjusted 381,000, the Labor Department said yesterday. The number was below economists’ expectations of 395,000, and was the lowest number of applications since late February.
