Concerns about the economy are easing, thanks to new data that indicates jobless claims are falling and retail sales are up. The quickly growing retail sector indicates the need for business owners across the country to invest in a cash counting machine and a coin sorter to better manage the growing number of transactions completed daily.
May retail sales strong
The Commerce Department's recently released numbers show consumers are more willing to spend as the economy stabilizes. Excluding automobile purchases, retail sales jumped 0.3 percent last month. This represents a significant jump over April's 0.1 percent increase. Over the past year, retail sales have improved by 4.3 percent, a respectable gain.
As the weather warms up, more people are purchasing materials for residential projects as well as garden supplies, spurring sales at local home improvement stores. Supermarkets have also seen a jump, as families plan summer celebrations, barbecues and graduation parties. Strong consumer purchasing will likely continue, as back-to-school season is just around the corner. As a result, it's essential for retailers to have the money scanner necessary to help them manage more transactions and determine daily profits more quickly and accurately.
Jobless claims indicate hiring spur
Retail sales aren't the only thing indicating an economic improvement - jobless claims are also promising. According to new reports from the Labor Department, the number of Americans seeking unemployment benefits fell to 334,000 last week, a drop of 12,000. This has sparked speculation that summer hiring will continue to make a difference in the the financial outlook. The four-week average for jobless claims decreased by a less substantial amount - 7,250 - and has reached 345,250, even though the unemployment rate recently increased slightly to 7.6 percent.
With many people heading back to work, families may feel more financially secure and be comfortable making additional purchases. This could lead to even stronger retail sales numbers in the coming months, a possibility business owners need to be aware of and prepared for. With more people rejoining the workforce, stores could see a significant increase in transactions completed. Being caught off guard will force these entrepreneurs to spend more time on backroom processes and less time on the sales floor with customers. By streamlining money management with a cash counter, business owners can provide better service and enhanced transaction processing.
June 14, 2013