NORMAN — The back-to-school shopping season has implications way beyond third quarter retail numbers. It is often used as a predictor of holiday sales. This year’s numbers, while not all available, look better than expected, retail analysts told the Associated Press. They’re also a bit higher than last year’s bust.
Americans, by and large, are spending when the needed item and price match. That sets up a promotional holiday gift buying season that we haven’t seen in years. Retailers will likely keep discounting to assure shoppers are coming through the doors this fall.
Spending on back to school electronics showed improvement over 2009 sales, an industry analyst said.
Target Corp.’s numbers were helped by spending on food and school supplies. Costco, Limited Brands Inc. and Macy’s Inc. beat Wall Street forecasts.
The retail numbers, along with some mildly positive reports on jobs and housing, are pushing back fears of a double-dip recession. Employers have yet to step up hiring, but companies aren’t resorting to wide-spread layoffs, as they were months ago.
Locally, unemployment in our county improved from 6.2 percent in June to 5.9 percent in July. Nationally, the rate is expected to rise slightly from 9.5 percent to 9.6 percent. June sales tax numbers were also up in Norman, Moore and Noble.
The Labor Department also reported this week that productivity fell in the spring by the largest amount in nearly four years. That indicates companies may have squeezed all they can out of the pared-down work force.
