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Retail sales in U.S. showed broad-based increase in October

American consumers ate out and shopped for clothes in October, enjoying a windfall from cheaper gasoline and prompting a rebound in retail sales heading into the holiday-shopping season.

By Lorraine Woellert, Bloomberg | Updated on November 14, 2014
(Bloomberg) — American consumers ate out and shopped for clothes in October, enjoying a windfall from cheaper gasoline and prompting a rebound in retail sales heading into the holiday-shopping season.

Purchases increased 0.3 percent after a 0.3 percent drop in September, the Commerce Department reported today in Washington. The median forecast in a Bloomberg survey of 86 economists projected a 0.2 percent advance. Eleven of 13 major categories showed gains, indicating broad-based growth.

The lowest gasoline since 2010 and rising stock and home values are boosting consumer confidence and disposable income, raising the odds that spending will continue to improve through year-end. Falling unemployment also means more Americans have extra cash, brightening the outlook for holiday sales even as bigger wage gains have been slow to materialize.

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