Economic Watch: Retail Sales Surge, Up 4.3% Over Past Year

Retail sales in the U.S. jumped in October, according to Commerce Department figures released Tuesday, surpassing analysts' expectations.

The 0.8% increase from the month before came as the department also upwardly revised September's performance to show a 1% increase from August rather than the first reported 0.6% rise. This made for the largest two-month hike in at least the last two years, according to the Wall Street Journal.

When October retail sales are compared to the same time in 2015 they are up 4.3%.

Last month's gain was helped by an increase sales of building materials in the wake of Hurricane Matthew, along with higher auto and gasoline sales. Sales by non-store retailers, including online retail outlets, continued to pick up strongly and were nearly 13% above year-ago levels in October.

So called “core retail sales,” which exclude autos, building materials, gasoline and food services, also increased 0.8% in October from the month before, following an upwardly revised 0.3% September gain. The performance in both these “core sales” and overall retail sales beat consensus estimates from analysts with hikes of 0.6% and 0.4%, respectively.

The solid increase in October retail sales, particularly the better-than-expected gain in “core sales” along with upward revisions to prior months, provides a strong start to the fourth quarter, according to RBC Economics. The October report supports RBC's forecast for consumer spending to pick up to 2.4% from the 2.1% annual pace recorded in the third quarter.

“With help from continued employment growth, rising wages and accommodative financial conditions, consumers have been the only consistent source of gross domestic product growth this year,” said Josh Nye, RBC economist. “We look for another solid contribution in the fourth quarter, although some reversal of the third quarter's surge in exports and less add from inventories is expected to leave overall GDP growth at a ...Read the rest of this story

Electronic Payment Platform Secures Fast Lumper Payments

MyLumper is an electronic payment platform for the transportation industry that facilitates lumper fee payment instantly and securely, available in web- and smartphone-based applications.

The platform delivers lumper payments to carriers, lumpers and truck drivers. MyLumper processes transactions 87% faster than traditional methods and prevents detention and delay by eliminating late night calls to dispatch with its electronic payment system, according to the developer.

MyLumper's payment platform allows carriers, shippers and 3PLs to send and receive instant lumper fee payments through the MyLumper electronic system. Transactions and receipts are digital and available to view online by all parties.

“In my many of years of working in this industry, a constant source of frustration has been the unsecure, time-consuming lumper payment process, which often causes delay and disrupts the loading process. I knew there had to be a better way," said Akmann Van-Mary, founder and CEO of MyLumper. "We set out to provide the next generation of payment to the industry that keeps the nation going. MyLumper enables lumper fees to be paid instantly and securely, with no lost receipts or cash required."

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