Retail confidence keeps shining despite shadows
September 20, 2007
Confidence in the retail sector dipped in the third quarter of the year on higher interest rates and a new credit law, but retailers remained upbeat, a new survey showed yesterday.
The independent Bureau for Economic Research (BER) said its retail confidence index slipped to 84 points in the third quarter from a record high 91 in the second quarter.
Despite the fall, the index indicated an overwhelming 84 percent of retailers still found business conditions satisfactory.
But the BER said higher interest rates were beginning to be felt through lower sales growth for clothing and footwear, and declining sales, orders and profits for durable goods, such as furniture and household appliances.
Signs that growth in the economy may be slowing could stave off further rate increases. - Reuters
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