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Retail sales in the U.S. rose more than forecast last month, led by purchases of cars, electronics and building materials that show consumers are taking higher gasoline prices in stride.
The 1.4 percent increase was the biggest since January and followed a 0.4 percent drop in June, the Commerce Department said today in Washington. Economists surveyed by Bloomberg News expected a 0.9 percent rise in July, according to the median estimate.
Treasury securities fell after the rebound in sales showed the economy may not slow as much as Federal Reserve policy makers expect, raising the risk of accelerating inflation. Wage growth is providing the thrust for spending, which slowed last quarter. [color=red/code] |
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