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Retail Sales Show Life in August
Retail sales jumped 2.7% in August from July, the Commerce Department reported, as gains beyond the expected increases in autos and gasoline showed that consumer spending may be coming back to life as the economy stabilizes. The gain, which was higher than what many economists expected, followed a 0.2% decline in July. However, retail sales were down 5.3% from August 2008. Excluding autos, retail sales grew 1.1% and excluding autos and gasoline, sales were up a solid 0.6%. Spurred by the government’s popular “Cash for Clunkers” program, auto sales climbed 10.6%, while higher prices at the pump pushed gasoline sales up 5.1%. Sales grew at apparel units, electronics and appliance stores, department and general merchandise stores and sporting goods stores. Sales fell at furniture, building materials, grocery, health and personal care outlets. Many economists expect consumer spending to increase in the current 3Q, following a 2Q decline, largely because of the clunkers program. They said that could push GDP growth up 3% to 4% in the July-September quarter, which would be the first gain in more than a year.
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Date Last Updated: 09/16/2009
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