US retailers have recorded their first monthly sales increase in more than a year. Store chains including Macy's, Abercrombie & Fitch and Kohl's Corp surprised Wall Street with better than expected September sales.
The Standard & Poor's Retail Index rose 1.6%. Based on 30 retailers, sales at stores open at least a year climbed 0.6%, compared with expectations for a 1.1% decline. Nearly 80% of the companies beat expectations.
The last time sales rose was in August 2008, when retailers notched a 0.2% gain. That was just before a financial collapse in September constricted credit worldwide and sent jobless rates climbing.
Retail experts warned that the sales results did not yet signal a consumer-driven recovery for the US economy.
This year's later Labor Day holiday pushed a good chunk of sales from August into September, but analysts had wondered if rising unemployment would weigh more heavily on spending.
Also today, a Labor Department report showed that new US jobless claims hit a nine-month low, suggesting the employment market was healing despite a September setback.
