Car Sales Boost U.S. Retail Sales in Total
By Michelle Krebs November 15, 2010Healthier U.S. car sales boosted overall U.S. retail sales in October, the Commerce Department said Monday.
U.S. retail sales rose 1.2 percent in October, above economists' forecasts for the biggest increase since March and the fourth consecutive rise. Strong gains in consumer spending, which make up most of the U.S. economic activity, are important for an economic recovery.
October sales, led by retail sales more than inflated fleet sales, came in at a Seasonally Adjusted Annual Rate (SAAR) of about 12.2 million units, the best monthly performance in more than two years except for August of last year, which was anomalous because of the government's popular Cash for Clunkers program.
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