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January 13, 2012
News Release from NRF - Good news for the economy.
NRF: Holiday retail sales rise 4.1%, beating expectations
January 12, 2012 | By Katherine Field Boccaccio
Washington, D.C. -- The National Retail Federation reported Thursday that holiday sales edged NRF forecasts, rising 4.1% to $471.5 billion for the period.
NRF predicted 3.8% growth. Results exclude automobiles, gas stations and restaurants.
"The right mix of strong promotions, lean inventories and an emphasis on value put retailers in the perfect position to end the year on a high note," said NRF president and CEO Matthew Shay. “A better-than-expected holiday season is welcome news for an economic recovery that continues to be sluggish, and demonstrates retail’s powerful role as an engine of growth.”
Commerce Department December retail sales results released Thursday show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.1% seasonally adjusted over November and a strong 6.2% unadjusted year-over-year.
“In a matchup between the final two months of 2011 November clearly wins, but in the end retailers’ promotions struck the right chord for budget-focused holiday shoppers,” said NRF chief economist Jack Kleinhenz. “Though we are seeing evidence that the economy still has a critical hold on consumers’ purchase decisions, this strength in spending could continue into 2012.”
By category:
- Sales at clothing and clothing accessories stores increased 0.7% seasonally adjusted over November and a very strong 7.9% unadjusted year-over-year;
- Sporting goods, hobby, book and music stores sales increased 0.4% seasonally adjusted month-to-month and 3.1% unadjusted year-over-year;
- Electronics stores sales decreased 3.9% seasonally adjusted from the previous month and declined 0.5% unadjusted year-over-year; and
- Sales at furniture and home furnishings stores increased 1% seasonally adjusted from November and a solid 5.7% unadjusted year-over-year.
Economic recovery becoming more broad-based on the state level
April 21, 2011
Story from National Restaurant Association
Economist’s Notebook: Economic recovery becoming more broad-based on the state level
In his latest commentary, the National Restaurant Association's Chief Economist Bruce Grindy breaks down the latest state jobless rates. Thirty-four states saw their unemployment rate decline in March, one of the most broad-based improvements since the recovery began.
Bolstered by the private sector, the economic recovery gained a stronger foothold on the national level in recent months. The nation’s private sector added 230,000 jobs in March on a seasonally-adjusted basis, which followed a solid gain of 240,000 jobs in February and marked the first time in five years that private-sector job growth exceeded 200,000 in two consecutive months.
But just as Tip O’Neill said all politics are local, the same often holds true for economics. While the overall health of state economies continues to vary dramatically, the trends are generally moving in the right direction.
Thirty-four states saw their jobless rate decline in March, one of the most broad-based improvements since the economic recovery began. The only exception was May 2010, when temporary hiring for the 2010 Census led to a drop in the unemployment rate for 39 states. Jobless rates were unchanged in March for nine states and the District of Columbia, while only seven states saw an increase in their unemployment rates. Overall, these latest trends indicate the laying of a solid foundation for a sustained economic recovery.
Fueled by a booming oil and gas industry, North Dakota continued to lead the way in March with a paltry unemployment rate of just 3.6 percent. This marked the 33rd consecutive month in which North Dakota had the nation’s lowest unemployment rate, and the whopping 280th consecutive month of jobless rates below 5 percent.
Other states in the nation’s midsection had jobless rates well below the national average in March, including Nebraska (4.2 percent), South Dakota (4.9 percent), Iowa (6.1 percent), Oklahoma (6.1 percent), Wyoming (6.2 percent), Minnesota (6.6 percent) and Kansas (6.8 percent).
Meanwhile, the New England states of New Hampshire (5.2 percent) and Vermont (5.4 percent) registered the lowest jobless rates among states east of the Mississippi River.
Led by Michigan, states in the Rust Belt saw the sharpest declines in their unemployment rates in recent months. After soaring to a nationwide-high of 14.1 percent in September 2009, Michigan’s jobless rate fell nearly four percentage points to a level of 10.3 percent in March. During the last 12 months alone, Illinois (-2.2 percent), Indiana (-2.1 percent) and Ohio (-1.6 percent) also saw substantial declines in their unemployment rates.
On the flip side, jobless rates in some of the states hit hardest by the recession remain stubbornly high. Nevada’s unemployment rate stood at 13.2 percent in March, the state’s 18th consecutive month with the distinction of the nation’s highest jobless rate. California (12.0 percent), Florida (11.1 percent) and Rhode Island (11.0 percent) also had jobless rates well above the national average in March.
State Unemployment Rates March 2011
Source: Bureau of Labor Statistics; figures are seasonally-adjusted
Monterey County Population Grows by more than 3%
March 11, 2011
The first decade of the Twenty-First Century saw the first slowdown in State of California and Monterey County population growth in the previous decade. The US Census Bureau figures showed California grew by 3.4 million people over the last decade. California's population grew 10 percent to 37.3 million, ranking 20th in growth percentage nationally. The County of Monterey expanded by 3.3% and had a 2010 population of 415,057 ranking 46th in terms of population growth rate among California's 58 counties.
|
Location |
Pop 2000 |
Pop 2010 |
Change Number |
Change Percent |
|
Monterey County |
401,762 |
415,057 |
13,295 |
3.3% |
|
Carmel |
4,081 |
3,722 |
-359 |
-8.8% |
|
Del Rey Oaks |
1,650 |
1,624 |
-26 |
-1.6% |
|
Gonzales |
7,564 |
8,187 |
623 |
8.2% |
|
Greenfield |
12,648 |
16,330 |
3,682 |
29.1% |
|
King City |
11,204 |
12,874 |
1,670 |
14.9% |
|
Marina |
18,925 |
19,718 |
793 |
4.2% |
|
Monterey |
29,696 |
27,810 |
-1,886 |
-6.4% |
|
Pacific Grove |
15,522 |
15,041 |
-481 |
-3.1% |
|
Salinas |
142,685 |
150,441 |
7,756 |
5.4% |
|
Sand City |
261 |
334 |
73 |
28.0% |
|
Seaside |
33,097 |
33,025 |
-72 |
-0.2% |
|
Soledad |
23,015 |
25,738 |
2,723 |
11.8% |
The census ranked Salinas as the state's 34th most populous city, between Corona and Pomona. In 2000, Salinas was California's 28th most populous city.
The trend of population redistribution in the County of Monterey is similar to the State of California in that the coastal areas have stagnated where the inland areas have dramatically expanded. The three cities with the highest growth rates were from the Salinas Valley lead by Greenfield (29.1%), King City (14.9%) and Soledad (11.8%). Whereas, the coastal cities of Carmel, Montery and Pacifc Grove all declined in population.
The changes in population distribution will change the political balance of power which should be a significant challenge for cities and counties in the state as the economy recovers. Stagnant or declining populations will erode many jurisdictions' ability to find budgetary stability as global inflation continues to push many commody prices to record levels. Change is coming.
ICSC - February Retail Sales Strong
March 4, 2011
The International Council of Shopping Centers announced on March 4th that U.S. same-store sales for February surpassed expectations and rose 4.2 percent year on year, according to ICSC’s index. Most encouraging, every retail segment outperformed its February 2010 showing by at least 2.1 percent.
Sales at luxury stores leaped 10.1 percent year on year for February, while wholesale clubs jumped 7.7 percent. Even with fuel sales excluded, wholesale clubs rose 4.7 percent.
“The breadth and the strength of the sales gain in February was encouraging as more retailers and retail segments participated in the improvement,” said Michael P. Niemira, ICSC’s chief economist and director of research. “This widespread improvement is on the heels of improving labor markets, broader improving economic conditions, and the reduction in payroll tax — all of which are more than offsetting the potentially negative drag of high fuel and food prices on consumer mind-sets.”
ICSC is projecting that March sales will be flat or up by 2 percent at most, year on year, attributable to an Easter calendar shift that is likely to hinder sales. The holiday, which fell on April 4 last year, falls on April 24 this year. The organization expects April sales, however, to rise a healthy 5 percent year on year.
Source: Shopping Centers Today (SCT), March 4, 2011