Americans can't stop shopping, while UK and Japan see signs of recovery

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Good economic news! The Americans, true to stereotype, have sustained their shopping habits, despite higher taxes and federal spending cuts. Retail sales rose 0.1% in April, and both February and March sales have been revised upwards as consumers dipped into their savings. It looks as if the economy grew 2.9% in the first quarter. Meanwhile across the pond: in the UK outgoing Bank of England governor Mervyn King reckons a UK recovery is now in sight. It won’t be rapid, ...