Retail Sales Fall More Than Expected in Third Straight Monthly Decline

MoneyNews ^ | 16 Jul 2012 | MoneyNews

[Qbert]

Americans cut their spending at retail businesses for a third straight month, as a weak job market has made consumers more cautious.

Retail sales fell 0.5 percent in June from May, the Commerce Department said Monday. Consumers spent less on autos, furniture, appliances, on building and garden supplies and at department stores.

The drop in sales followed declines in the previous two months. Retail sales haven't fallen for three straight months since the fall of 2008, at the height of the financial crisis.

Some of the weakness in recent months reflects falling gas prices. But even excluding sales at gas stations, retail spending fell 0.3 percent in June from May.

Consumers are growing less confident in the economy and have pulled back sharply on spending this spring. Consumer spending drives 70 percent of economic activity.

The economy is expanding too slowly to lower the unemployment rate, which stayed at 8.2 percent in June.

Employers have created an average of just 75,000 jobs a month in the April-June quarter — a third of the monthly job growth during the previous three months. And wages and salaries have barely increased, keeping budgets tight for those Americans who have jobs.

[GOPJ]

...who can forget the relentless attacks on the “Worst Economy Since Herbert Hoover” in 2006... when the unemployment rate was 4.8%?

LOL - the New York Times, Washington Post, Chicago Tribune, LA Times, ABC, CBS, NBC, CNN .... et al can 'forget' - odd how easy it is for them... must be the bias - or hatred.

[Socon-Econ]

Auto sales were a major component of positive sales data earlier this year. But the increased auto sales were not due to Obama-induced prosperity and income growth; they were the result of scrappage over the past 4 years and the high price of used cars, which was in turn influenced by the destruction of the used car fleet as the “cash for clunkers” program destroyed older but still functional used cars.

[MasterGunner01]

Can you say, “RECESSION”, boys and girls? Thanks, I knew you could, Barry.

[newzjunkey]

And who can forget the relentless attacks on the “Worst Economy Since Herbert Hoover” in 2006... when the unemployment rate was 4.8%?

Amazing, isn't it? That's all down the rabbit hole.

[ex-Texan]

Good news for Iceland . . .

Iceland Has Hired An Ex-Cop To Hunt Down The Bankers That Wrecked Its Economy !

Too bad that our corrupt politicos and especially 0 are not thinking this same way

[ProtectOurFreedom]

The economy is expanding too slowly to lower the unemployment rate, which stayed at 8.2 percent in June.

So let's go back to welfare as we used to know it and get some of the unemployed out of the workforce!!

[ProtectOurFreedom]

Heh! You must be a youngster. Who can forget Clinton’s constant drumbeat in 1992 (when the economy was growing at 3.7 percent)...”the worst economy in 50 years.”

[ProtectOurFreedom]

I correct myself... GDP growth during the four quarters of 1992 was 4.5%, 4.3%, 4.2%, and 4.3%!

“Worst economy in 50 years” — the MSM pushed it relentlessly and never questioned it. People swallowed it hook, line and sinker. Never underestimate the stupidity of the US electorate.