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US retail sales rise for second month

Discussion in 'General Discussions and Lounge' started by temi, Dec 12, 2009.

  1. temi

    temi Facilitator Webmaster

    US retail sales in November again rose by more than expected, according to official figures.
    Sales rose 1.3%, the biggest gain in four months, the Commerce Department said, after retail sales in October climbed 1.1%.
    Petrol sales jumped 6% and sales of cars, building materials and other goods helped push up the data.
    Separate data also provided a boost for retailers, with the Michigan consumer confidence index rising sharply.
    The preliminary reading of the closely-watched index rose by more than expected to 73.4 in December, up from a revised 67.4 in November.
    'Pleasant surprise'
    Economists had expected retail sales to increase by 0.7% in November.
    Excluding car sales, the Commerce Department said retail sales rose 1.2%, the largest gain since January.
    On an annual basis, retail sales rose 1.9% - its first year-on-year gain since August 2008.
    "The numbers were a pleasant surprise," said David Resler at Nomura Securities in New York.
    "Consumers are starting to spend a little more freely than they have been and that is going to be an important source of sustainable growth."
    Retail sales data is particularly significant in the US, as consumer spending accounts for more than two-thirds of overall US economic activity.
    source: bbc

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