Largest increase since sales surged by 1.7 percent in January following six straight declines
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The U.S. Commerce Department reported that retail sales rose a seasonally adjusted 0.5 percent in May from a month earlier, matching economists expectations.
The monthly increase indicated that consumer spending was creeping higher as gas prices rose and the economy’s declines began to level off. Among retail sectors, automobile and parts dealerships sales increased 0.5 percent from April. Sales were also up at hardware stores, grocery stores and health stores. Those gains helped to offset a drop at furniture, electronics, sporting goods and general merchandise stores, which include department stores and big retail chains such as Wal-Mart.
After many retailers reported May sales tallies last week, Goldman Sachs and the International Council of Shopping Centers reported that overall same-store sales fell 4.6 percent for the month, worse than the 3 percent drop predicted.
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