US retail sales rebound, but Wall Street stays flat

<p>US retail sales have rebounded, but Wall Street has remained flat.</p>

Wall Street is flat in trading this afternoon (December 13th), despite the fact retail sales in the US rebounded in November.

This is a sign that steady job creation has boosted consumer spending in the fourth quarter, with the Commerce Department revealing that sales were higher by 0.3 per cent on a month-on-month basis.

Economists polled by Reuters had projected a 0.5 per cent hike, but this level of growth was experienced in the automobile, fuel and building materials sectors.

A rise in overall sales was tempered, however, by a four per cent decline in receipts at petrol stations in the US, which is the biggest drop since December 2008.

The Commerce Department said it received indications from companies that Hurricane Sandy had both a good and bad effect on November's sales data. The storm swept 90mph winds across the Eastern Seaboard at the end of October.

At 16:30 GMT, the Dow Jones Industrial Average retreated by 0.2 per cent – or 29 points – to an index value of 13216.4 points.

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