Market Updates
Retail Sales Rise 2.7%, PPI Up 1.7%
123jump.com Staff
15 Sep, 2009
New York City
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After the release of retail sales and producer price index stocks edged higher. Retail sales were driven by 11% surge in auto sales and price index gained on 8% rise in energy prices in the month.
[R]9:40 AM New York – After the release of retail sales and producer price index stocks edged higher. Retail sales were driven by 11% surge in auto sales and price index gained on 8% rise in energy prices in the month.[/R]
PPI and Retail Sales Rise in August
The Producer Price Index increased 1.7% in August after decreasing 0.9% in July and advancing 1.8% in June. The index dropped 4.3% from a year ago after falling 6.8% in July on an unadjusted basis. The 8% in energy prices contributed to 90% increase in the PPI index.
Total retail sales in August increased 2.7% from the previous month but fell 5.3% from a year ago month. Retail trade sales in the month increased 3% from July but 6% below last year. Gasoline stations sales were down 26.7% from a year ago and garden equipment and supplies sales declined 13.6% from last year.
The sales at auto dealers and parts in the month surged 11% on the government program.
Auto sales jumped after Obama administration offered up to $4,500 to exchange old cars with fuel efficient new cars. The program ended on August 24 has generated additional 700,000 car sales according to the Transportation Department.
Excluding auto, gasoline and building materials, sales increased 0.7% after falling 0.3% in July.
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