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US retail sales expand broadly
UNITED States retail sales rose broadly in October, suggesting the economy started the fourth quarter with some vigor, and the first drop in wholesale prices in four months pointed to subsiding inflation pressures.
Total retail sales gained 0.5 percent, the Commerce Department said yesterday, after rising 1.1 percent in September. That was above economists’ expectations for a 0.3 percent rise.
In a separate report, the Labor Department said its producer price index fell 0.3 percent last month after rising 0.8 percent in September. Economists had expected the PPI to fall only 0.1 percent.
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