The message to the US consumer to spend, spend, spend, seems to be getting through:
http://www.bloomberg.com/apps/news?pid=20601068&sid=a4eYe_j75qvM&refer=economies
June 7 (Bloomberg) -- Sales at U.S. retailers probably rose in May for the first time in three months as demand for automobiles picked up, economists said before a government report this week.
Purchases climbed 0.5 percent, according to the median of 61 estimates in a Bloomberg News survey ahead of Commerce Department figures due June 11. Another report may show the trade gap widened in April, reflecting an increase in the cost of imported oil.
Shoppers returned to Chrysler LLC and General Motors Corp. showrooms looking for bargains as some dealers slashed prices leading up to the automakers’ restructuring. Smaller job cuts and government stimulus measures may give consumers the confidence and means to sustain spending and help pull the economy out of the recession.
“Consumers are out there spending again,” said Ellen Zentner, a senior economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “They are clearly feeling better about the health of their finances.”
The Labor Department reported last week that employers eliminated 345,000 jobs in May, the fewest since September and a sign the recession is abating. Retailers cut 17,500 positions, the smallest reduction since June 2008, the month before purchases started to sink.
Sales of cars and light trucks rose to a 9.9 million annual unit pace in May from a 9.3 million rate the prior month, according to industry figures released last week. Purchases reached a 9.1 million pace in February, the lowest level since December 1981. ...
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