Sept. retail sales are out, down by a hair
After a nearly three-week delay, the U.S. Census Bureau has released the advance monthly sales report for September. Overall, retail sales were down 0.1% from July at $425.9 billion, but were still 3.2% above year-ago figures.
For building material and garden equipment and supplies dealers (NAICS 444), the unadjusted net for September was approximately $25.1 million, down from August’s $26.9 million. Consistent with overall progress for the retail trade, September’s figures increased over those of last year, which came in at $23.3 million.
Sluggish auto sales were a major factor in the slow pace of sales in September, which were down 15.7% over July (NAICS 441).
This may be an indication that the economy was already beginning to level off in the weeks leading up to the government shutdown, though may economists predict that we’ll be feeling the effects of the Congressional standoff in the months to come.
Forward jobs momentum, as evidenced by last month’s 7.2% five-year low in unemployment, could conceivably create the demand needed to stimulate sales activity. However, jobs growth was relatively disappointing at 148,000.
Following adjustments, the July to August percent change in retail sales remained at a small increase of 0.2%.
Leviton acquires JCC Advanced Lighting
Melville, N.Y.-based Leviton Tuesday announced the acquisition of JCC Advanced Lighting, a United Kingdom-based leader in LED lighting suitable for a wide variety of residential and commercial applications.
The acquisition establishes Leviton in the U.K. market and affords the company growth opportunities internationally, according to the company.
“Leviton’s acquisition of JCC provides a significant presence in the U.K. and a good base for the future,” said Don Hendler, CEO of Leviton. “Since our beginnings more than a century ago, Leviton has built a reputation on innovation and product development, so adding a market-leading advanced lighting solutions business like JCC makes strategic sense for our global expansion.”
Terms of the deal were not disclosed.
JCC will operate as a wholly owned subsidiary of Leviton, maintaining operations in the U.K. The company will continue to be led by Richard Adey, currently the executive chairman of JCC, who will report directly to Daryoush Larizadeh, Leviton’s chief operating officer.
“JCC is delighted to be part of Leviton, given its renowned expertise and global reach in controls technology, which will drive JCC’s further expansion both in the U.K. and overseas,” added Adey. “Leviton’s input will help further enhance our LED product innovation and development, which is fundamental to our business strategy."