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April retail sales rise by 1.4%

Thursday, May 12, 2005 | 9:04 a.m.

Retail sales jumped 1.4 percent in April, the strongest showing in six months, as consumers streamed back into auto showrooms and shopping malls, the Commerce Department reported today.

Last month's increase was far better than the 0.8 percent gain many analysts had been expecting and represented a significant rebound from the lackluster 0.4 percent increase in March.

The spending surge was led by a 2.5 percent jump in auto sales. But the strength was widespread with clothing stores posting their best increase in 2 1/2 years. The sales report was more evidence that a dip in economic activity in March was temporary.

In a second report, the number of U.S. workers filing new claims for unemployment benefits rose by 4,000 to 340,000 last week, the highest level for jobless claims in a month.

The four-week moving average for claims also rose by 2,000 to 324,000.

Even with the increases, the claims numbers remained at levels indicating the labor market was continuing to improve, analysts said.

The 2.5 percent increase in auto sales in April followed a 0.8 percent rise in March and was the best showing since a 4.2 percent surge in December, a month when dealers offered attractive end-of-the-year incentives in an effort to clear out a backlog of unsold cars.

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