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Earlier this month, the government released a mixed report on retail spending that showed that consumers are feeling pinched by higher gas prices. Consumers spent 0.9 percent more at retail businesses in August from July. But excluding the impact of gas prices and a sizeable increase in auto sales, retail sales rose just 0.1 percent. The retail sales report showed Americans cut back on clothing, electronics and at general merchandise outlets. There have been some positive signs that spending could pick up in September, most notably a pair of positive consumer confidence surveys released this week. The University of Michigan's index released Friday showed consumer sentiment rose this month to its second-highest level in nearly five years. A separate survey from the Conference Board said consumer confidence jumped in September to its highest level since February. Stock prices are higher. Steady gains in home prices, along with record-low mortgage rates, have helped fuel a modest recovery in the housing market. And a report Thursday offered some hope that the job market will strengthen. Weekly applications for unemployment benefits plunged 26,000 to a seasonally adjusted 359,000. That's the lowest level in two months. Still, most economists expect only modest hiring gains when the government releases the September employment report next week. The forecast is that employers added roughly 100,000 jobs, about the same as in August.
[Associated
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