Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Apple gives economy a shine

Tuesday, Oct 29, 2013 - 02:19

Oct. 29 - Sales of the new iPhone most likely gave retail sales a shot in the arm in September, as car sales began to lose traction. Bobbi Rebell reports.

▲ Hide Transcript

View Transcript

If given the choice- get a shiny new iPhone- or a brand new car- what did Americans choose in September? In a sign of the times- the iPhones won out. Spending on tech devices including iPhones powered retail sales in September- while auto sales fell. Here's what Mesirow Financial's Adolfo Laurenti had to say about the surprising data: SOUNDBITE: ADOLFO LAURENTI, DEPUTY CHIEF ECONOMIST, MESIROW FINANCIAL (ENGLISH) SAYING: "There is a change in the attitude of the consumer, especially teenagers these days really like to be connected. They want to have their technological gadget. That is the way they stay in touch with their friends, and that is really shifting the focus of many buyers from cars, as it traditionally was for a generation like mine to the younger generation who are really focusing on all the technology." Plus a lot of them still can't get jobs. They have a ton of student debt, and interest rates are creeping up. They also can't afford to buy homes. Prices there keep rising- according to the latest S&P/Case-Shiller data. S&P Dow Jones Indices David Blitzer. SOUNDBITE: DAVID BLITZER, CHAIRMAN OF THE INDEX COMMITTEE, S&P DOW JONES INDICES (ENGLISH) SAYING: "12.8 percent annual rate of gain is a bit too fast to be sustained over the long term, and indeed there are some forces in the economy that look like they are going to temper this rate of increase going forward. Mortgage rates have been rising over the last few months. Existing Home Sales were off in the most recent report. Pending Home Sales which is people contracting to buy a house have been declining over the last few months." All this points to more trouble- and given new data that inflation remains firmly in check- more delays in the Fed's plans to curtail its support of the U.S. economy. SOUNDBITE: ADOLFO LAURENTI, DEPUTY CHIEF ECONOMIST, MESIROW FINANCIAL (ENGLISH) SAYING: "We expect now that they will continue to stimulate the economy with the low interest rates, probably well into 2015 and probably delay the beginning of the starting of tapering, the beginning of the pullout of these unconventional monetary policy probably until March." Laurenti adds that the worries leading up to the recent U.S. government shutdown also did a lot of damage- including psychological damage- to the economy as well.

Apple gives economy a shine

Tuesday, Oct 29, 2013 - 02:19

Top News »

Money »

Finding meaning in the S&P 500 2000 mark Finding meaning in the S&P 500 2000 mark

Mon, Aug 25, 2014 - (2:35)

S&P falls back from record high S&P falls back from record high

Fri, Aug 22, 2014 - (1:35)

S&P 500 closes at new high S&P 500 closes at new high

Thu, Aug 21, 2014 - (1:24)

S&P 500 just shy of record S&P 500 just shy of record

Wed, Aug 20, 2014 - (2:23)

Apple hits $100 a share Apple hits $100 a share

Tue, Aug 19, 2014 - (2:06)

Nasdaq closes at 14-year high Nasdaq closes at 14-year high

Mon, Aug 18, 2014 - (2:23)

Putin puts Wall Street in buying mood Putin puts Wall Street in buying mood

Thu, Aug 14, 2014 - (2:10)

We've become a promotional culture-RetailMeNot's Bodge We've become a promotional...

Thu, Aug 14, 2014 - (4:39)

Dow back to positive territory for year Dow back to positive territory for year

Wed, Aug 13, 2014 - (2:18)

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, Jul 16, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, Jun 25, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, Jun 02, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, May 27, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, May 08, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, May 05, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, Apr 08, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, Mar 24, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, Mar 17, 2014 - (7:38)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, Jun 06, 2014 - (1:08)

VIVID – Sydney’s spectacle of light VIVID – Sydney’s spectacle of light

Fri, May 30, 2014 - (1:37)