US retail sales rise to ease recession fears

City A.M. Reporter
US retail sales rose in July by the largest amount in four months, helping to dampen fears of a fall back into recession in the short term.

Sales rose 0.5 per cent in July, in line with expectations, and followed an upwardly revised 0.3 per cent gain seen in June, according to the Commerce Department.

Consumers spent more on furniture, cars and petrol in July, in part reflecting the higher cost of fuel.

Consumer spending accounts for two-thirds of US economic activity.