US retail sales grow 0.6% in September

| October 17, 2010 | 0 Comments

The Commerce Department has revealed US retail sales grew 0.6% in September - this followed an increase of 0.7% in August and exceeded expectations.

The rise, which was the third consecutive monthly gain, was fuelled by an increase in car sales.

Retail sales figures are closely watched because consumer spending accounts for approximately two-thirds of economic output in the US.

Meanwhile, car sales saw the best performance since March - representing a turnaround after a 0.5% decline seen in August.

The figures will provide a much needed boost to the world’s largest economy which looks set for a fresh round of stimulus due to a slow recovery.

In other news, the Labor Department said US consumer prices climbed by 0.1% in September - however, this was less than analysts had forecast.

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