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Retail sales rebound; trade deficit sets record

Monday, June 14, 2004 | 9:16 a.m.

WASHINGTON -- The appetite of America's shoppers returned in May, boosting sales at the nation's retailers by 1.2 percent, a fresh sign the economic recovery is on solid footing.

The latest snapshot of retail activity reported by the Commerce Department today comes after a consumer pullback in April, which depressed retail sales by 0.6 percent. May's increase was slightly larger than the 1 percent rise some that economists were predicting and marked the biggest gain since March.

In a second report from the department, the U.S. trade deficit swelled to a record $48.3 billion in April, reflecting Americans' demand for foreign-made goods, especially cars, TVs, furniture and clothes.

April's trade deficit was 3.8 percent larger than March's shortfall, which had been the previous all-time monthly high. The rebounding U.S. economy has been supporting demand for imported goods.

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