UK Economy Under the Labour Party

Daily Telepgraph collected a few interesting graphs (link) depicting the UK economic performance and discussing the economic legacy of the Labour Party.

Retail Sales Results Are Strongest of this Recovery Thus Far

On Tuesday Redbook reports indicated the strongest retail results of the recovery thus far. The results posted a plus 3.6% year-on-year same-store sales rate in the March 20 week. That rate was right in line with the ICSC-Goldman’s 3.7% rate also reported on Tuesday.

Redbook also offers a month-to-month comparison which is also at a solid plus 0.9% gain. (That’s an annualized 10.8% bump).

The report showed particular strength across women’s apparel and for lawn and garden equipment; items that sparked little to no interest with consumers a year ago.

With retail sales making up 70% of annualized GDP growth, Q1 2010 GDP results are shaping up to be even stronger than Q4 2009.

Today’s Economic Events

An updates on new jobless claims will be released at 8:30 AM EDT.   These claims have been slowly decreasing over the last few weeks, and the consensus forecast is that there will be 450,000 new jobless claims, compared to 457,000 in the last period.

Ben Bernanke speaks to the House Committee on Financial Services about the Federal Reserve’s strategy for exiting the financial markets at 10:00 AM EDT.

Tim Geithner will testify to the House Appropriations Committee’s State and Foreign Operations Subcommittee regarding the Treasury Department’s international programs at 1:30 PM EDT.

A report on the money supply will be released at 4:30 PM EDT.

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