September -- sparking fresh optimism over Bermuda's economy.

Traders sold $36.6 million worth of goods in September, a 1.8 percent year on year rise.

And visitor arrivals for the first week of November signal even more good news.

They show a four percent increase on the same week last year.

Meanwhile, hoteliers are holding out for a resurgence in their fortunes this month on the strength of the winter tourism campaign.

The Bermuda Hotel Association's November forecast of 53.1 percent occupancy levels are ahead of last year.

Last night Finance Minister the Hon. David Saul appeared buoyant over the statistics.

"It is very heartening news,'' he exclaimed.

Business leaders, past and present, also took an upbeat line, although cautioned against cracking open the champagne.

"It is going to be a long haul back to normality,'' warned Mr. Tommy Dickinson, former president of the Bermuda Chamber of Commerce.

The September retail sales figures amount to the first rise in gross turnover since July, 1991.

Taking into account the 3.1 percent inflation rate, in real terms the volume of sales fell by 1.2 percent.

This is the smallest decrease in volume since April, 1990.

Car dealers and service stations enjoyed a 16.3 percent boost in receipts, with petrol and vehicle sales shooting up.

Drink and food sales also rose over the year by 1.3 percent.

Overseas spending, however, remained a blackspot in the figures, going up by 16.2 percent.

Residents returning to the Island declared goods worth $1.94 million.

Dr. Saul said the improved figures reflected the 10.3 percent rise in visitor arrivals in September.

"It is a very clear indication that all we need is a rise in tourist arrivals for the sales figures to improve.'' Dr. Saul said he was hopeful winter tourism campaigns by the Tourism Ministry and local hotels, combined with Mr. Bill Clinton's election triumph in the United States, would propel Bermuda out of the economic doldrums.

He believed the Island had now plumbed the depths of the recession.

"What we want is the improvement to continue. The statistic I'm looking for is the one which shows 1992 was better overall than 1991.'' Mr. Robert Rego, chairman of the sales division of the Chamber of Commerce, welcomed the statistics.

"It's very encouraging. There are no two ways about it, if we get our tourist figures up, things will improve. Until this year I don't think people have appreciated just how important it is.''