Retail Surge

According to this Associated Press story on, consumers "storm(ed) the malls in May, pushing retail sales up by the largest amount in 16 months."  In spite of ever-climbing gasoline prices and a slump in housing, consumers are spending at a rate that has surprised the "experts" who had predicted a May increase of 0.7%.  Even without gasoline sales, retail sales were up 1.2 percent. 

The increase was across the board in every category of retail. Obviously consumers haven’t cut back despite the rising cost of gasoline which is good news for everyone.

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