Retail spending up

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Monday, October 15, 2012

Retail spending increased 1.1% in September, reflecting higher consumer confidence.

Auto sales and the release of the iPhone 5 contributed to the increase.

Sales rose last month in most major categories. Electronics and appliances surged 4.5 percent, in part because of iPhone sales. Sales at auto dealers increased 1.3 percent. Building materials and garden supplies, furniture and clothing sales all gained, too.

The retail sales report is closely watched because it is the government's first monthly look at consumer spending, which drives nearly 70 percent of economic activity.

Read more at OregonLive.com.

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