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U.S. Commerce Dept Shows CE July Sales Up

8/13/2010 10:45:37 AM Eastern

Washington - Retail
sales in July jumped 5.5 percent when compared with last year, according to the
U.S. Commerce Department's figures released today, with electronics and
appliance stores posting a strong 8 percent growth.

Unadjusted monthly
sales of electronics and appliances were $8.196 billion, up from 0.2 percent
from $8.182 billion in June and up 8.1 percent from $7.876 in the prior-year
period.   

"Household
spending remains tepid amid concerns about economic stability," NRF chief economist
Jack Kleinhenz said in a statement about the results.  "Current data on the economy is mixed, which
signals that retailers will continue planning with caution until a long-term
trend can be established."

The figures are
similar when sales are adjusted for seasonal variations and holiday and
trading-day differences (but not for price changes), with sales increasing 8
percent year over year and decreasing 0.1 percent from June.

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