Friday, August 12, 2011
Firm US retail sales tamp recession worries
US retail sales in July posted their biggest gain since March, tempering fears that the world's largest economy might be slipping back into recession.
Sales climbed 0.5 percent, in line with analyst forecasts and following an upwardly revised 0.3 percent gain in June, according to Commerce Department data released today.
Consumer spending accounts for two thirds of US economic activity, and the data indicates the third quarter was off to a decent start.
Excluding autos, sales increased 0.5 percent, well above forecasts for a 0.2 percent gain. The figures were bolstered by a 1.6 percent jump in gasoline station sales, in part reflecting the higher cost of fuel.
Sales climbed 0.5 percent, in line with analyst forecasts and following an upwardly revised 0.3 percent gain in June, according to Commerce Department data released today.
Consumer spending accounts for two thirds of US economic activity, and the data indicates the third quarter was off to a decent start.
Excluding autos, sales increased 0.5 percent, well above forecasts for a 0.2 percent gain. The figures were bolstered by a 1.6 percent jump in gasoline station sales, in part reflecting the higher cost of fuel.
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