Retail Sales Rise Twice As Much as Forecast

Bloomberg writes:

Retail sales in the U.S. rose twice as much as forecast in May as Americans used their tax rebates to shop at electronics and department stores, and record gasoline prices swelled service-station receipts.

Purchases climbed 1 percent, the most since November, following a 0.4 percent gain the prior month that was previously reported as a drop, the Commerce Department said in Washington.

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The report bears out Fed Chairman Ben S. Bernanke‘s assessment this week that risks of a “substantial downturn” have receded.

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