US Retail Sales Rose as Economy Surges

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Retail sales in the US increased by some 2.7 percent in August, the fastest since the start of 2006, the US Commerce Department said on Tuesday.

The date also showed that the economy is well out of the deep slump of the recession and is already on the way to recovery.

The US Commerce Department on Tuesday said that the retail sales in August have risen by some 2.7 percent, the fastest growth in three and a half years after it fell 0.2 percent in July. Economists said that the rise in retailers’ sale can be attributed to the upbeat view of the US economy in the past month.

The agency also said that the August result is a clear indication that the economy may be boarding a solid recovery after severe blows of the recession. However, economists were still uncertain on how fast will the recovery process be.

“The upbeat results in the retailer and manufacturing business suggest that the US economy is out the slump,” Federal Reserve Chairman Ben Bernanke said in an interview.

“At this point, despite the technical perspective and other reports about the slow recovery process for the economy and recent weak turnouts, the recession is likely over,” he added.

Last July, US retail sales decline some 0.2 percent by recovered immediately by some 2.7 percent in August. The Commerce Department said that it is the single biggest advance since the start of 2006.

One of the biggest contributors to the success of the retail market was the government’s “cash for clunkers” programs which gave hundreds of thousands of buyers to trade-in their old vehicles for more efficient and safer cars.

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US Retail Sales Rose as Economy Surges

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