October retail sales rose more than expected
WASHINGTON - Retail sales rose more than expected in October due largely to a big rebound in auto sales. Last month's jump in sales also followed a dismal September retail performance that was revised even lower by the government. The Commerce Department said Monday that retail sales rose 1.4 percent last month. Economists had expected a gain of 1 percent.
- Associated Press
15 million owe IRS over tax credit, report says
A $400 tax credit provided by the economic stimulus plan may leave more than 15.4 million Americans owing money to the IRS because of under-withholding from their paychecks, an inspector general report said. The IRS said the number will be far lower. The Treasury inspector general for tax administration said many employers advanced more than the $400-per-individual tax credit. Workers will have to return the difference when they file tax returns, and some might have to pay penalties.
- Bloomberg News