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Gas Fuels US Retail Sales, Up 0.2% in March

Posted Apr 14, 08 10:25 AM CDT in Business 

(Newser) – US retail purchases rose in March by 0.2%, pushed up by higher prices at the gasoline pump, Bloomberg reports. Purchases excluding gasoline were unchanged, and consumer spending is still on its way down, causing investors to think that the Federal Reserve might again look to cut interest rates—despite worries about rising inflation.

"If you're getting an inflationary increase in gasoline and food, that would mask the true weakness in consumer spending," one economist said. "This is consistent with recessionary conditions."

Source Bloomberg

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A worker empties gasoline into a tank at a gas station, Friday, April 11, 2008, in Beachwood, Ohio.   (AP Photo/Tony Dejak)
High gas prices are posted at a Shell gas station in Half Moon Bay, Calif., Friday, April 11, 2008.   (AP Photo/Paul Sakuma)
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