WASHINGTON: U.S. retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, which could help to assuage financial markets' fears that the economy was heading into recession.
Retail sales increased 0.7per cent last month after gaining 0.3per cent in June, the government said. Economists polled by Reuters had forecast retail sales would rise 0.3per cent in July. Compared to July last year, retail sales increased 3.4per cent. Manufacturing's struggles were highlighted by a third report from the Labor Department showing productivity in the sector tumbled at its fastest pace in nearly two years in the second quarter, with factories cutting hours for workers.
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