California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

The U.S. Census Bureau released the advance estimates of U.S. retail and
food services sales for October, adjusted for seasonal variation and holiday
and trading-day differences, but not for price changes, were $347.5 billion,
an increase of 1.4 percent (±0.5%) from the previous month, $344.7 billion
but 1.7 percent (±0.5%) below October 2008.

U.S. retail sales were led by a rebound in auto sales. Excluding the 7.4%
increase in auto sales, retail sales rose 0.2% in October. Auto sales had
plunged 14.3% in September after the expiration of the government's cash-for-
clunkers program. The 1.4% gain in October was higher than the 1% gain forecast
by economists, but a large downward revision to September's sales offset the
upside surprise. Economists were expecting sales excluding autos to rise 0.3%.

October sales were mixed. Areas that saw increases included food and beverage
stores both up over the month along with health & personal care stores such as
pharmacies and drug stores. In addition, clothing and clothing accessories and
general merchandise stores.

I am Tim Johnson and this has been the California Business Minute.