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Autos buoy US retail sales
WASHINGTON - Sales at US retailers rose more than expected in October to post their largest gain in seven months, further evidence the economy was regaining strength after hitting a soft patch in the summer.
Total retail sales increased 1.2 per cent, boosted by purchases of motor vehicles and building materials, after advancing by 0.7 per cent in September. The rise last month was almost double market expectations for a 0.7 per cent gain.
It was the fourth monthly increase in retail sales and was the latest in a series of data to suggest a pick-up in economic growth momentum.
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