Retail sales for September beat forecasts

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U.S. retail sales for September rose more than analysts had forecasted, an indication that consumers will assist the economy in avoiding a recession, Bloomberg reported.

The Commerce Department said that sales were up 0.6 percent, after a 0.3 percent increase in August. Analysts surveyed by Bloomberg News had predicted on average a 0.2 percent increase in retail sales.

Consumer spending accounts for two-thirds of the economy, and the reported swell will help relieve worries about a recession as consumer confidence and the housing market decline. Americans are able to withstand the reduction in home values and decreased access to credit because of an increase in jobs and wages, economists said. Treasury securities fell following the report’s release.