Best Buy has 60% earnings jump, retail grows for second month- is the economy picking up?

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Best Buy has done great and that's not because of no competition from Circuit City.Instead, it is  because of booming cell phone  and accessory sales. Similarly overall  retail sales is up 0.4% – the highest in five months. This number goes up to 0.6% if we exclude the slow auto sales. These two bits of news are encouraging and things should pick up in the supply chain that feeds the Best Buy phones apart from the chains that supply overall retail products.

Since cell phones come with plans we can expect many more calls,text messages and Internet browsing on mobile. in fact, the Google Voice  iPhone app should give a further boost to cell phone usage. More cell phone usage and communication should result in more economic activity and innovation.

While a boom like recovery is being ruled out- we can start feeling relieved that a double dip recession is very unlikely and a more measured recovery with slow job growth might be just round the corner.

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