Russian Retail Sales Surprise in Sign of Support to Economy
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Russian retail sales grew faster than forecast last month as unemployment unexpectedly fell, suggesting household demand may help shore up the sagging economy after government officials warned of a recession threat.
Receipts at merchants rose 4.4 percent from a year earlier after a revised 3 percent jump in February, the Federal Statistics Service in Moscow said today. Unemployment dropped to 5.7 percent. Economists predicted a 2.6 percent increase for retail sales and a jobless rate remaining at 5.8 percent, according to the median estimate in two Bloomberg surveys.