Statistics Canada announced today that retail sales in Canada rose in September for the seventh time in nine months, gaining a percent for a total of $34.9 billion ($32.6 billion USD). Six of the eight sectors realized gains but compared to September of last year, sales were down 3.3 percent.
The Canadian Press
Gold is on track to hit $1,200 an ounce even sooner than expected after reaching $1,167.35 an ounce in London this morning. This is an increase of about $15 an ounce since Friday’s close, and with the dollar expected to continue to lose ground and US interest rates to remain low well into the new year, gold will likely continue to gain.
“Sentiment is very upbeat and gold is looking increasingly attractive,” said Stefan Graber at Credit Suisse.
BBC News
The US Commerce Department said this morning that consumer spending fell 0.5 percent in September – the largest single month fall in nine months. While the overall economy grew in the quarter ending in September, government spending programs and other initiatives helped inflate the results, and once the programs wound down, consumers immediately cut back.
This is causing concern with economists who worry that the recovery could stall in the next quarter as consumers are still facing continuing unemployment and a growing foreclosure rate. For this reason, analysts warn that a “double-dip recession” cannot yet be ruled out.
Associated Press
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