U.S. retail sales rise, economy seen accelerating

U.S. retail sales in September grew at the fastest pace in seven months as consumers shook off concerns about a weak stock market and political gridlock, giving a bit more momentum to the economic recovery.

The data, which beat economists' expectations and eased concerns the U.S. could slip back into recession, overshadowed a separate report showing a surprise drop in consumer confidence in early October.

The Commerce Department said on Friday that retail sales rose 1.1 percent in September, with strong auto purchases providing a big boost. Sales for August and July were revised higher as well.

Read Full Article from Reuters

- Posted: 2011-10-14 14:11:48

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