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U.S. Retail Sales Unexpectedly Dip 0.2% In April

Reflecting a sharp pullback in auto sales, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. retail sales in the month of April.

The Commerce Department said retail sales edged down by 0.2 percent in April after spiking by an upwardly revised 1.7 percent in March.

Economists had expected retail sales to rise by 0.2 percent compared to the 1.6 percent jump originally reported for the previous month.

Excluding the steep drop in auto sales, retail sales inched up by 0.1 percent in April after surging up by 1.3 percent in March. Ex-auto sales had been expected to climb by 0.7 percent.

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