Retail Sales in U.S. Increase by Most in Seven Months

Retail sales in the U.S. climbed in October by the most in seven months, a sign consumers may play a bigger role in the recovery.

Purchases rose 1.2 percent, exceeding the highest forecast among economists surveyed by Bloomberg News, after a 0.7 percent September increase that was larger than previously estimated, Commerce Department figures showed today in Washington. The median estimate of 74 economists projected a 0.7 percent advance.

Stock gains over the past two months and growing employment may give a boost to consumer spending, the biggest part of the economy, in coming months. At the same time, an unemployment rate hovering near 10 percent is prompting merchants such as J.C. Penney Co. and Wal-Mart Stores Inc. to offer promotions to attract shoppers during the holiday season.

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- Posted: 2010-11-15 09:18:36

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