Hopes for an economic recovery in the US, gained support from retail sales figures that exceeded expectations. But weak results from two major stores sent a more sobering message: Americans probably aren't ready to spend like before.
Total retail sales rose by 2.7 percent, the highest rate in the past three years. The rise comes on the heels of subsidies and fuel price hikes. Vehicle sales surged by 10 percent, boosted by the cash for Clunkers government rebates.
Daily products, garments, and entertainment industries, all posted their highest sales growth in the past two years. But lackluster sales reports from Best Buy and Kroger, signaled that shoppers remain wary.
And with the job market still weak, with wages flat and credit tight, economists warn that the August gains could be short-lived.
(CCTV September 17, 2009)
