Forecast: Strong November Sales
Spurred by the big sales of the Black Friday weekend, retailers were forecast to report strong sales performances for November.#8232;
One of the first indications that retail sales were good across the board was news of robust business from an index of weekly sales kept by the International Council of Shopping Centers and Goldman Sachs. #8232;
For the week ending Nov. 26, retail sales increased 4 percent compared with the same week in the previous year. Sales for the week ending Nov. 26 had the strongest gain since the week ending July 30, said the ICSC.#8232;
Consumer confidence skyrocketed during the past month—rising 17 percent—as tracked by nonprofit business-information group The Conference Board, said Lynn Franco, director of the Conference Board Consumer Research Center, which compiles the Consumer Confidence Index.
“Consumers' assessment of current conditions finally improved after six months of steady declines,” Franco said. “Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak.”—Andrew Asch
