Retail sales stage unexpected rebound

Sales at retailers unexpectedly rose 0.3 percent in January, partly reflecting stronger sales of new cars and gasoline, according to a Commerce Department report on Wednesday.

January's sales increase followed a 0.4 percent decline in December and was contrary to Wall Street analysts' forecasts for a 0.2 percent decline. The surprise sales rise caused stock futures to jump on hopes it meant the United States had a better chance of skirting a recession.

Prices for U.S. debt securities fell while the dollar's value strengthened against other major currencies.

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- Posted: 2008-02-13 10:15:46

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