August Retail Sales Jump on Clunkers Boost
Retail sales rose 2.7 percent in August, the largest gain in over three years, with auto sales surging 10.6 percent helped by the Cash for Clunkers program. Gas station sales climbed 5.1 percent while electronics and appliance stores, department stores, and sporting goods outlets also posted gains.
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Bernanke says recession likely over but job loss persists
Federal Reserve Chair Ben Bernanke signaled the worst recession since the 1930s is probably over while warning that pain remains for about 15 million unemployed. He noted unemployment near 9.7 percent, with a peak above 10 percent expected, amid a still weak economy.
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