Retail Sales Edged Up 0.1 Percent
Monday, May 13th, 2013 -- 8:52 AM
Americans increased their spending in April at retail businesses, buying more cars and clothes after cutting purchases sharply in March.The rebound suggests consumers may help boost growth again in the April-June quarter. The Commerce Department said today that retail sales edged up 0.1 percent in April from March. That's an improvement from the 0.5 percent decline in March, which was the largest drop in nine months.
Consumers kept increasing their spending in April, even after seeing smaller paychecks because of higher Social Security taxes. Their spending will add to economic growth in the April-June quarter.
Cheaper gas may also give consumers more money to spend on other things. The national average price has risen slightly over the past week to $3.58 a gallon. But it is still 21 cents lower than the peak price reached on Feb. 27.
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