Consumer spending makes up two-thirds of the US economy
US consumers have surprised analysts, as official figures revealed that retail sales grew 1.4% in May.
Observers said that the increase, the highest in 16 months, suggested that high petrol prices may not be biting as hard as had been feared.
The data, which also comes amid slumping house prices, buoyed market investors, with Wall Street shares offsetting some of Tuesday's losses.
Sales in April had fallen 0.1%, revised Commerce department data said.
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Wednesday 13 June 2007
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