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Japanese Retail Sales Rise 2% in May, Missing Forecasts
Japanese retail sales rose in May for a seventh consecutive month, fueling optimism that consumer spending was finally contributing to economic growth. Receipts at retail stores rose at an annualized 2% pace last month, the Ministry of Economy, Trade and Industry reported Thursday. Sales spiked 3.2% in March, which was the fastest gain since April 2015. Steady growth at the retail level has failed to boost overall household consumption, which declined in April for a fourteenth consecutive month. The Japanese economy is experiencing its most prolonged bout of growth in over a decade, with gross domestic product (GDP) ... (full story)