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Indicators suggest growth

Thursday, Aug. 12, 2004 | 9:06 a.m.

WASHINGTON -- U.S. retail sales rose last month and initial jobless claims unexpectedly declined to the lowest level in five weeks, signs that the economic expansion regained momentum in the third quarter.

Retail sales increased 0.7 percent to a $336.5 billion annual rate as Americans spent more on autos and furniture, the Commerce Department said today in Washington. The increase follows a 0.5 percent decline in June that wasn't as deep as first reported. The number of Americans seeking first-time jobless benefits fell by 4,000 to 333,000 last week, the Labor Department said.

Consumer spending may be recovering after expanding last quarter at the slowest pace since the 2001 recession, said economists including David Greenlaw of Morgan Stanley and John Ryding of Bear, Stearns & Co. in New York. The Federal Reserve this week raised its benchmark interest rate for the second time this year, saying the recent slowdown was likely temporary.

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