California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

The national retail and food sales figures for October were released by the U.S. 
Commerce Department.  The numbers showed a 0.2 percent increase over the
month and 5.2 percent over the year.  Total sales for October were $380.3 billion.

The National Retail Federation characterized October retail sales as cautious. Consumer
demand for products varied.  For example, sales at clothing and clothing accessory stores
increased a meek 0.1 percent seasonally adjusted from September but rose 4.9 percent
unadjusted year-over-year. Consumer electronics along with sporting goods, hobby, books
and music products did not fare well possibly reflecting consumers pending holiday purchases.

Surprisingly, given the downturn in the housing market, growth was seen over the month in
building supplies and garden items. Building material and garden equipment stores sales
showed slight increases in October, growing 0.6 percent seasonally adjusted month-to-month
and 3.9 unadjusted year-over-year. However, furniture and home furnishing stores sales suffered
with a 0.9 percent decrease seasonally adjusted from September and 0.5 percent unadjusted
from last October.

I am Tim Johnson and this has been the California Business Minute.