Posted on 06/11/2010 9:33:06 AM PDT by traumer
NEW YORK (TheStreet) -- Retail sales dropped unexpectedly for the first time in eight months in May, data that will likely reignite investor fears that a consumer recovery remains tepid and reinforcing the possibility of a double dip.
The Commerce Department said Friday that sales for the month tumbled 1.2%, even as economists forecast a 0.2% gain. This follows a 0.6% increase in April.
This is the first decline in retail sales since September 2009, when they tanked 2.2%. On a year-over-year basis, sales grew 6.9%.
Sales were particularly hurt by hardware stores, auto dealers, gas stations, department and clothing stores.
Auto sales dropped 1.7%, according to the Commerce Department. Ford(F), meanwhile, reported a 19% surge in sales for the month, while General Motors saw a 32% surge for its Chevrolet, Buick, GMC and Cadillac brands.
General merchandise stores, which include discount giants Wal-Mart(WMT) and Target(TGT), sank 1.1%, which was the biggest decline since December 2008.
There were some sectors that actually fared well during the month, including furniture, which rose 1%, and electronic and appliance stores, where sales advanced 0.6%. Health and personal care, Internet retail sales, sporting goods, hobby, book and music stores, restaurant and bars and food and beverage stores, also posted some gains.
(Excerpt) Read more at thestreet.com ...
Unexpectedly
yeah
That was unexpected.
Unexpectedly. Obama should change his first name to that. Unexpectedly Hussein Obama.
Not to mention his new middle name “unprecedented”.
Another “unexpected” Obama event......
Who are these economist? They are worse than climate forecasters.
These idiots couldn’t predict the sun coming up in the morning....
That is a surprise!
Every bad economic news occurrence is unexpected with these nitwits.
I like the double-dip meme. Not even sure we’re done with the first dip, but the media keeps saying double - like’s it’s getting better.
It’s time for the “Unexpected” Friday Economic Announcement!
I have spent more money than I ever have in a short time in 2010. We are in a new house, so we are spending like people do when they move. But in addition, we are worried about the future, about taxes in general and especially the VAT. I’m 10 years to retirement; my husband is closer. So we decided to spend our money now on the things we know we want before quality is forced down (cars) and taxes are forced up.
Unexpectedly
Inigo Montoya: You keep using that word. I do not think it means what you think it means.
i thought of this response and googled for the picture. where did i find it? complete with quote... from 6 months ago... FR. at least the 'administration' is consistent.
“Unprededented” debt, “historic” unemployment?
Who knew retail would be down?
“Unexpectedly” are they blind and deaf?
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