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US retail sales rise 0.5% in May | US retail sales rise 0.5% in May |
(10 minutes later) | |
Retail sales in the US are growing after two months of decline. | Retail sales in the US are growing after two months of decline. |
The Commerce Department said sales in May rose 0.5% from the same period last year. The drop in April was revised lower, to 0.2% from 0.4%. | The Commerce Department said sales in May rose 0.5% from the same period last year. The drop in April was revised lower, to 0.2% from 0.4%. |
Much of the increase was driven by sales at petrol stations, which in part reflects higher gasoline prices as oil has increased. | Much of the increase was driven by sales at petrol stations, which in part reflects higher gasoline prices as oil has increased. |
The May increase, following two months of declines, could add to signs that the worst of the recession has passed. | The May increase, following two months of declines, could add to signs that the worst of the recession has passed. |
"It is hard to see the recent rebound in confidence translating into extra spending," said Paul Dales, an economist at Capital Economics. "A meaningful consumer recovery remains some way off." | "It is hard to see the recent rebound in confidence translating into extra spending," said Paul Dales, an economist at Capital Economics. "A meaningful consumer recovery remains some way off." |
Car sales rose by 0.5% last month. Even with the gain, sales are still over a fifth below where they were at the same point a year ago. | Car sales rose by 0.5% last month. Even with the gain, sales are still over a fifth below where they were at the same point a year ago. |
The ailing US carmakers have stepped up their incentives to attracted buyers. Two of the three biggest US car companies, General Motors and Chrysler, have filed for bankruptcy this year. | |
Sales were up at grocery stores and and health stores, offsetting a 0.2% drop at department stores and large retailers such at Costco, Target and Wal-Mart. | |
May's increase was the biggest monthly increase since a 1.7% rise in January. That followed six consecutive months of declines. |
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