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Discounts spur surprising Aug. retail sales gains (AP)

Published on September 2, 2010 By

NEW YORK – American shoppers, taking advantage of deep discounts and tax-free holidays, opened up their wallets a little more for back-to-school spending compared with last year, giving some retailers better-than expected gains for August. The results provided a sliver of hope for the recovery amid an unrelenting batch of bad news, from slumping home prices and high unemployment, that have pointed to a stalling economy and set up dire expectations for the back-to-school shopping season. Still, the retailers’ gains mask underlying weakness in consumer spending as they’re being compared with declines a year ago and worries still abound about the critical holiday season.