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Article: Retail sales surge in July 1.4 percent increase biggest gain in four months
- Article from:
- Oakland Tribune
- Article date:
- August 14, 2003
- Author:
CopyrightCopyright 2003 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON -- America's shoppers threw caution to the wind and
splurged in July on cars, appliances and clothes, catapulting sales
at the nation's retailers by 1.4 percent, the biggest increase in
four months.
The sizable gain in retail sales reported by the Commerce
Department Wednesday showed that consumers have been opening their
wallets and purses wider since April, when retail sales fell by 0.3
percent. That steady improvement is good news for the nation's
budding economic recovery.
"The latest retail sales figures paint a picture of an economy
that is rapidly accelerating," said Ken Mayland, president of
ClearView Economics.
In May, retail sales went up by a solid 0.5 percent, ...