U.S. consumers head to malls to buy clothes, furniture and electronics products
August 14th, 2007
Martin Crutsinger
WASHINGTON (AP) - U.S. consumers went shopping for everything from clothes to furniture last month, helping to calm fears that a key segment of the economy might be faltering.
Retail sales rose 0.3 per cent in July, the Commerce Department said Monday in a report that showed strength in a wide array of areas outside of autos.
The rebound came after a 0.7 per cent decline in June, the sharpest decline in 16 months. It was originally reported as an even bigger 0.9 per cent fall and had raised concerns that soaring gasoline prices and a slumping housing market were beginning to take their toll on consumer spending, which is closely watched by economists because it accounts for two-thirds of the total economy.
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