Retail sales strong, producer prices jump

Retail sales rose a strong 1.2 percent in November in a bright sign for the holiday shopping season, but producer prices posted their biggest gain in 34 years, offering a reminder that rising costs are weighing on the economy.

The gain in retail sales reported by the Commerce Department was well above the 0.6 percent increase expected on Wall Street and it helped stock futures trim earlier losses. Still, major indexes opened down.

"These numbers should put some of the fears to rest that consumers are going to stay at home this holiday season. That's absolutely not going to happen," said Mark Vitner, an economist at Wachovia Securities in Charlotte, North Carolina.

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- Posted: 2007-12-13 10:39:11

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