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Retail sales up in December

Consumers spent more in the holiday shopping season than expected, according to Bloomberg News.

Retail sales increased 0.5 percent  in December, according to a U.S. Department of Commerce report, while Bloomberg economists forecasted a 0.2 percent increase.

Throughout the year, retail sales increased 5.2 percent in 2012, compared to a 7.9 percent increase in 2011, the report states.

New payroll taxes passed under the fiscal cliff tax agreement are expected to have a moderate effect on retail sales during the upcoming months, according to Bloomberg reports.

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About The Author

Jennifer Bissell
Reporter

Jennifer Bissell is a reporter for both the Fairfield and Westchester business journals. Previously she attended the University of Minnesota and contributed to several regional publications including the St. Paul Pioneer Press, St. Cloud Times and Twin Cities Business magazine.

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