Second consecutive monthly gain: Consumers, enticed by cooler weather, early holiday discounts and an improving economy, spent a little more in October, handing the retail industry its second-consecutive monthly sales gain after more than a year of declines. Among the bright spots were Costco Wholesale Corp.; TJX Cos., which operates T.J. Maxx and Marshalls; and Gap Inc., all of which reported solid gains for October. But the biggest surprise were improving sales at luxury retailers like Saks Inc., and Nordstrom Inc. According to the International Council of Shopping Centers-Goldman Sachs tally, sales at stores opened at least a year rose 2.1%, compared with a 4.2% drop in October 2008.
Lowest since January: The number of newly laid-off workers filing claims for unemployment benefits last week fell to the lowest level in 10 months, evidence that job cuts are easing as the economy slowly heals. Still, companies are reluctant to hire and economists expect the unemployment rate will tick up to 9.9% percent when October’s figure is reported Friday. The jobless rate hit a 26-year high of 9.8% in September. The Labor Department says that first-time claims for jobless benefits fell by 20,000 to a seasonally adjusted 512,000. That’s better than economists’ estimates of 523,000. Despite the improvement, initial claims remain well above the roughly 400,000 that economists say will signal job creation.
