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US April car sales slump, other sales pick up

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Mixed retail data emerged from the US Tuesday as non-car retail sales in April rose ahead of expectations, but the overall figure for retail sales fell by 0.2% as Americans cut back on buying new cars.

The figures, which come from the Commerce Department, show that car sales slumped by 2.8% in April, compared with a fall of 0.5% in March.

The overall figure was in line with expectations.

While the rise in non-car sales cheered the US market and those elsewhere in the world, declining car sales suggest Americans are feeling the pinch of higher petrol prices and wider economic concerns.

Other figures show that petrol prices fell by 0.4% last month amid a backdrop of surging oil prices.

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