RETAIL SALES BREAK RECORD STATE,COUNTY POST HIGHEST FOURTH QUARTER.Byline: Pam Park Staff Writer Retail sales for the upcoming holiday season have a high mark to match if they are to surpass ``stunning'' figures just released by the State Board of Equalization In communications, techniques used to reduce distortion and compensate for signal loss (attenuation) over long distances. . California and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County's fourth quarter 1999 taxable retail sales broke records going back to the mid-1980s, rising 13.2 percent statewide and 12.1 percent in Los Angeles County. Los Angeles County tallied $26.7 billion in taxable sales in fourth quarter 1999 - $17.6 billion of that in traditional retail. In 1998 the total was $24.2 billion, with $15.7 billion in traditional retail sales, said Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the Los Angeles County Economic Development Corp. ``It's kind of stunning. It has been a long time since we've seen strength like this,'' Kyser said. ``(Last year) will go down as one of the all-time great years. I suspect 2000 won't match it.'' Holiday season momentum carried over into the first quarter of 2000, with preliminary reports showing an increase of 13.4 percent, but then came higher gasoline prices and the prospect of higher natural gas prices and rising electric rates in some areas. Those factors may cause householders to budget for less disposable income disposable income Portion of an individual's income over which the recipient has complete discretion. To assess disposable income, it is necessary to determine total income, including not only wages and salaries, interest and dividend payments, and business profits, but also this winter, Kyser said. Statewide, fourth quarter 1999 showed the largest quarterly increase in taxable retail sales since second quarter 1984, when the increase was 16.7 percent, said Dave Hayes, research manager at the State Board of Equalization. The 1999 number was a huge increase, especially since the inflation rate, at 1.1 percent, was so low, Hayes said. Low inflation indicates the increased sales dollars came from more sales rather than from higher prices. ``The increase is attributable to the fact that the economy is doing so well,'' Hayes said. ``It's not centered in any one type of commodity. This is across the board.'' Durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. purchases are an indicator of how people perceive the economy, and last year's fourth quarter sales of durable goods increased 16.9 percent as a category, Hayes said. Automobile purchases were up 22.1 percent over the previous year; furniture and appliances were up 15.5 percent; jewelry purchases rose 25.6 percent. Hayes also has his eye on the cost of gasoline. Continued high gas prices could choke this holiday season's growth. ``The gas situation is the one kicker Kicker A right, warrant, or some other feature added to a debt instrument to make it more desirable to potential investors. Notes: The ability to trade a bond or other debt instrument in for stock may entice investors, if they feel the stock will appreciate. that might change things,'' Hayes said. Higher gas prices nudge nudge 1 tr.v. nudged, nudg·ing, nudg·es 1. To push against gently, especially in order to gain attention or give a signal. 2. up airline fares and truck transportation costs, and as inflation increases, people may cut back on spending, he said. ``The jury is still out on gas prices,'' Hayes said. ``Whatever is causing California to have the highest gas prices in the nation: Is that going to get cleared up?'' Of all the retail groups the report included, apparel had the smallest increases over the previous year. Men's apparel actually showed a loss of 42.7 percent over 1998. Hayes attributes the men's store decline to a decreasing number of stores devoted exclusively to men's apparel. Many of them have now branched out to offer clothing for the whole family, or general merchandise, he said. In addition, Kyser cited consumer boredom with apparel offerings. ``What you're facing is a consumer who has bought a lot of stuff and is looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. something new. And there's nothing new - particularly in the apparel sector,'' Kyser said. ``I could blindfold blindfold worn by personification of justice. [Art: Hall, 183] See : Justice you and take you to any major city, and you could not guess where you were, the goods are so homogenized ho·mog·e·nize v. ho·mog·e·nized, ho·mog·e·niz·ing, ho·mog·e·niz·es v.tr. 1. To make homogeneous. 2. a. To reduce to particles and disperse throughout a fluid. b. .'' CAPTION(S): chart Chart: California Taxable Sales SOURCE: State Board of Equalization Daily News |
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