American retail sales rise 0.5%
Source: Agencies |
August 13, 2011, Saturday
|
Print Edition
Print Edition
US consumers spent more on autos, furniture, clothing and gasoline in July, pushing up retail sales by the largest amount in four months. The gain signaled that Americans are a little more confident in the economy and could help dispel fears the country is headed for another recession.
Retail sales rose 0.5 percent last month, the US Commerce Department said yesterday. It was the best showing since March. The government also revised sales higher in the previous two months.
Even after excluding sales at gasoline stations, sales rose 0.3 percent last month.
The better-than-expected data on retail sales is the second strong signal on the economy in as many days. On Thursday, the government said the number of people applying for unemployment benefits dropped below 400,000 for the first time since early April.
"Don't write off the American consumer or economy just yet," said Sal Guatieri, senior economist at BMO Capital Markets. "The solid July retail sales report should help allay recession fears."
The report is the government's first read on consumer spending for the July-September quarter. Consumer spending is always closely watched because it accounts for 70 percent of economic growth. But in June, consumers cut spending for the first time in 20 months.
Retail sales, which don't include spending on services, have been slowing since February. For July, auto sales rose 0.4 percent after a 0.7 percent gain in June.
Retail sales rose 0.5 percent last month, the US Commerce Department said yesterday. It was the best showing since March. The government also revised sales higher in the previous two months.
Even after excluding sales at gasoline stations, sales rose 0.3 percent last month.
The better-than-expected data on retail sales is the second strong signal on the economy in as many days. On Thursday, the government said the number of people applying for unemployment benefits dropped below 400,000 for the first time since early April.
"Don't write off the American consumer or economy just yet," said Sal Guatieri, senior economist at BMO Capital Markets. "The solid July retail sales report should help allay recession fears."
The report is the government's first read on consumer spending for the July-September quarter. Consumer spending is always closely watched because it accounts for 70 percent of economic growth. But in June, consumers cut spending for the first time in 20 months.
Retail sales, which don't include spending on services, have been slowing since February. For July, auto sales rose 0.4 percent after a 0.7 percent gain in June.
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