Consumer Spending, Manufacturing in NY rose, More fliers for Thanksgiving travel expected
November 15, 2016
The consumer is alive and kicking heading into the all-important holiday shopping season, which could spark a boost in the U.S. economy. The Commerce Department reported that Retail Sales in October rose 0.8%, above the 0.6% expected, while September’s numbers were revised higher to 1.0% from 0.6%. The positive numbers in September and October were the best two-month rise since early 2014. Retail Sales are up 4.3% from a year ago.
Manufacturing activity rose in the New York State region after four straight months in negative territory. The New York Federal Reserve reported that its Empire Manufacturing Index climbed 1.5 in November, well above the -6.8 recorded in October and above the -0.5% expected. Within the report it showed that new orders and shipments also turned positive, though labor market conditions remained weak. Looking ahead, survey respondents were somewhat less optimistic about future business conditions in November than they were in October.
A record number of Americans are expected to fly this coming Thanksgiving holiday as air travelers take advantage of low-priced airfares. Industry trade group Airlines for America expects 27.3 million people will fly between November 18 and November 29 averaging 2.27 million people per day, up 2.5% from 2015. Back in 2006 and 2007, there were 26.2 million travelers during the Thanksgiving holiday. The average domestic airfare is around $352 this year, the lowest since 2011. The lightest travel day will be on Thanksgiving, with the busiest day on the Sunday after the holiday.
