Retail sales jump 2.7%, a 3 year high

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Reuters reported, “August retail sales jumped 2.7 percent, the sharpest rise in 3-1/2 years, indicating that consumer spending might make a bigger-than-anticipated contribution to the economy’s recovery from the worst recession in decades…”Expectations were high for the retail sales number, but the number reported exceeded even those expectations,” said Josh Stiles, senior bond strategist at IDEAglobal in New York. “Even excluding autos and gas, sales rose 0.6 percent.”