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June Retail Sales Up

Retail sales increased in June, which probably helped the U.S. economy rebound in the second quarter.

Purchases increased 0.2 percent after a 0.5 percent advance in May that was larger than previously reported, Commerce Department figures showed today in Washington. The reading fell short of the 0.6 percent increase projected by the median estimate of 83 economists surveyed by Bloomberg.

According to BloombergBusiness, consumers are more comfortable opening their wallets as a strengthening labor market lifts earnings. Higher wages give American households the wherewithal to withstand recent increases in food and gasoline costs that had chipped away at buying power.

For the full report from BloombergBusiness, click here.

About Jaime Koch

Jaime Koch was the managing editor of Hardware Retailing Magazine. Jaime regularly traveled around the country and internationally to visit with retailers and share their stories. Jaime was honored by the American Society of Business Publishers for Editorial Excellence.

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