Consumers, whose spending makes up more than two-thirds of GDP, spent more in July.
August 13, 2003: 8:34 AM EDT
NEW YORK (CNN/Money) - Retail sales in the United States surged in July, the government said Wednesday, beating Wall Street expectations, a sign of strength in the world's largest economy.
The Commerce Department said retail sales rose 1.4 percent in July, compared with a revised gain of 0.9 percent in June. Economists, on average, expected a 0.9 percent gain in July, according to a Reuters poll.
Excluding autos, retail sales grew 0.8 percent, compared with a revised 1.0 percent gain in June. Economists, on average, expected a 0.5-percent gain in July, according to Reuters.
Retail sales rose 1.4% in July, stronger than expected
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13-08-2003 05:37
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