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16/02/2012 -
Increased automobile sales and lowered unemployment rates could be reasons for growth in the retail industry.In the largest sales growth since the 2009 Cash for Clunkers program, automakers sold an estimated 14.1 million cars and trucks in the past year, according to Bloomberg Business Week. The automobile industry saw a 10 percent increase in sales as payments for vehicles surged past $12.8 million, the source reports.
At the same time, unemployment rates are reaching a three year low. In the past six months, there have been one million jobs created in the United States, according to the Labor Department data. As the rate of unemployment dropped by .8 of a percentage point, consumers might be feeling more confident about spending. Since consumer spending accounts for 70 percent of the economy, retailers could see a rise in sales as the result. To prepare for sales growth, merchants can update merchants services to offer customers the most convenient and secure credit card processing methods.
"As we’ve seen further gains in labor market activity, that should lead to further gains in spending," Millan Muraine a senior U.S. strategist at TD Securities in New York, told Bloomberg News. "It’s hard to argue against the case that the U.S. economy is gaining momentum."
