Feb. 12 (Bloomberg) -- Sales at U.S. retailers unexpectedly halted a six-month slide in January, an advance that may not be sustained after the number of Americans collecting jobless benefits reached the highest on record.
The 1 percent gain in purchases reflected higher gasoline prices and more spending on clothing and food, the Commerce Department said today in Washington. Excluding cars, the gain was 0.9 percent. The Labor Department reported that 4.8 million people are now collecting unemployment insurance.
An accelerating decline in the job market, along with a record destruction of household wealth with the slide in home values and stocks mean consumers are likely to resume cutbacks. Stocks tumbled on concern that President Barack Obama’s stimulus package will be insufficient to assure a swift economic recovery. more...
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