A happy sales increase in May
Sales for the month of May rose higher than forecasted levels showing that consumers did have more cash in their wallets thanks to the US government’s rebate checks that had been distributed. According to the US Commerce Department, there was an increase in retail sales that was more than double of what was expected by economists on Wall Street. On average sales rose 1.2% as compared to the 0.7 % forecasted by economists, even considering the higher prices for gasoline. One of the only sectors that did not see an increase was the automobile sector.
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