California Business Minute™

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

The Commerce Department reported that U.S. retail sales increased 0.9 percent
(±0.5%) from October 2010, to 378.7 billion and 8.1 percent (±0.7%) above last
year at $345.7 billion.

The increase exceeded forecasts by economists and analysts expectations of a 5
percent increase. Retail sales grew for a fifth straight month boosted by large
increases in department store sales. However, decreases were seen in several
categories including electronics, home furnishings along with building materials
and garden supplies.  Increases were seen in Food and beverage, health and personal
care, clothing and clothing accessories, sporting goods, hobbies, books and music
stores and general merchandise.

Today, the International Council of Shopping Centers revised its November-December
holiday-season sales forecast up by 0.5 percentage point to a range of 3.5 percent
to 4 percent, citing “the strong November performance and promising trends in early
December.” Meanwhile, the National Retail Federation has forecast the November-
December holiday sales gain will be the biggest since 2006.

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