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August sales weather hurricane, low consumer confidence
NEW YORK — Despite low consumer confidence, the volatile economy and a hurricane, many retailers reported better-than-expected sales in August. Hurricane Irene appeared to put a dent in the results of some retailers on the East Coast, but the storm did not appear to do as serious damage as some expected.
Total retail sales rose 4.4%, just missing the 4.6% rise that Wall Street analysts had expected, according to Thomson Reuters. Of the 19 out of the 25 retailers that Thomson Reuters tracks, 11 beat expectations.
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SpendingPulse: August sales strong despite hurricane and Wall Street volatility
Purchase, N.Y. -- The apparel, e-commerce, grocery, and luxury segments all showed continued growth in August, as the hardware, restaurant, and automotive repair sectors returned to positive territory, according to MasterCard Advisors SpendingPulse, a macroeconomic report tracking national retail and services sales.