U.S. stock futures pushed higher after a series of readings showed the economy gaining strength.
Sales at U.S. retailers rose at their fastest pace in three and a half years in August as government sponsored auto incentives spurred demand for motor vehicles. The Commerce Department said total retail sales climbed 2.7%, after declining 0.2% in July. Auto sales jumped 10.6%, but the sale of cars only provided part of the strength. Excluding motor vehicle sales and parts, sales jumped 1.1% in August after falling 0.5% in July, much more than expected.
In other economic news, the Producer Prices Index rose 1.7% and the Empire State Manufacturing Index hit its highest point in two years. After the open, the government will release issues on business inventories, which are expected to show a decline.
In other news, Citigroup is making headlines after announcing intentions to reduce the U.S. government’s 34% stake in the company that was acquired as part of the bailout.
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