15 May 2003, 09:37  US retail sales decline unexpectedly

US retail sales fell unexpectedly last month, suggesting that concern over rising unemployment outweighed relief after the end of the war in Iraq. Sales fell 0.1pc in April from March to USD309.5bn - the second decline in three months - and were up 4.1pc on a year-on-year basis, the Commerce Department said. While the late timing of Easter in April may have disrupted spending, the 0.1pc was still well short of forecasts for growth of 0.4pc. US consumer confidence rose to a five month high of 81.0 in April from 61.4 in March, according to the Conference Board, the largest jump in the index since March 1991, following the end of the Gulf War.
But despite the rise in confidence, an increase in the jobless rate to a 2003 high of 6pc raised concerns about the economy and hampered spending. The only positive news was in the automobile sector, where sales rose 2.5pc last month after rising 5pc in March, as companies offered massive discounts in a bid to shift units. Department store sales fell 1.4pc after falling 0.8pc in March, the largest decline since November 2000, grocery store sales fell 0.2pc and furniture sales fell 0.3pc. //www.fxcentre.com

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