A Consumer Rebound, At Least For Now
U.S. retail sales posted a seasonally-adjusted 1.4 percent increase in October, led by a rebound in auto sales after car sales dipped following the conclusion of this summer's Cash-for-Clunkers program. Excluding the 7.4 percent increase in auto sales, retail sales rose 0.2 percent in October,the Commerce Department said Monday. Sales excluding autos have risen for three months in a row and in five of the past six months. The question now is how long consumers will maintain their spending. Sales in several consumer categories have moderated in recent weeks, suggesting the trend is softening.
Recessions typically damage workers' long-term earnings. NPR's <em>Hidden Brain</em> podcast explains how a study found that students graduating from high school during a recession may be an exception.