Retail Sales in U.S. Fall Unexpectedly as Job Concerns Weigh on Consumers

Bloomberg News ^ | May 14, 2003 11:41 EDT | Staff and news service reports

[Ernest_at_the_Beach]

Washington, May 14 (Bloomberg) -- U.S. retail sales unexpectedly fell in April as consumers spent less on furniture, clothing and gasoline, suggesting higher unemployment curbed spending.

Sales declined 0.1 percent last month to $309.5 billion, following a revised 2.3 percent increase in March, the Commerce Department said. Excluding automobiles, sales fell 0.9 percent, the biggest drop since the September 2001 terrorist attacks, largely because of a decrease in the price of gasoline.

[Grampa Dave]

Typical Bloomberg or the Ny Slimes of the financial news. Read this paragraph carefully. The number one reason for drop in sales is the good news about the drop in gasoline prices which resulted in less $ sales. That means as consumers with cars/trucks/suvs we have more money in our pocket that wasn't spent on gasoline.

Sales declined 0.1 percent last month to $309.5 billion, following a revised 2.3 percent increase in March, the Commerce Department said. Excluding automobiles, sales fell 0.9 percent, the biggest drop since the September 2001 terrorist attacks, largely because of a decrease in the price of gasoline.

This is why I have removed Bloomblog from my list of favorites on my Dish Satellite System. They and CBS can't present economic news factually.

[BOBTHENAILER]

Typical Bloomberg or the Ny Slimes of the financial news

Funny you mention CBS. I saw a blurb on CBS.marketwatch that was on the SURPRISING jump in housing starts for the month or the quarter.

They just don't wanna acknowledge good news. P*ss on 'em.

I'm off the board and winging to Miami for a little getaway with Mrs. BOBTHENAILEE. See you curmudgeons on Monday.

[Ernest_at_the_Beach]

Have a good flight and soak up the rays!

[BOBTHENAILER]

That's the plan Stan.

Gracias and adios amigo.

[Moonman62]

...the biggest drop since the September 2001 terrorist attacks, largely because of a decrease in the price of gasoline.

I caught that too. While the article does present the facts, the title and emphasis is very slanted. Still, the economy could be doing a whole lot better.

[Jorge]

Sales at clothing and accessory stores slumped 3.2 percent, the biggest decrease since September 2001, after a 3 percent increase.

Clothing sales are seasonal and fluctuations are expected. Anyone who's been in clothing manufacturing knows lay-offs and rehiring are common as business rises and falls during the year.

[Jorge]

Typical Bloomberg or the Ny Slimes of the financial news. Read this paragraph carefully. The number one reason for drop in sales is the good news about the drop in gasoline prices which resulted in less $ sales. That means as consumers with cars/trucks/suvs we have more money in our pocket that wasn't spent on gasoline.

Exactly. The last time gasoline prices dropped there were similar economic doom and gloom articles about the drop in consumer spending......from the predictable sources.

[Grampa Dave]

I discussed this Bloomberg/NY Slimes type of article with my wife today. Her car needed gasoline. We filled it up at $1.63/ gallon in N. California. She had receipts back in February for gas at 2.13/gallon. March showed 1.97 for most purchases. That was a 16 cent per gallon drop in March versus Feb. That would be an impact on the decrease in retail sales in March. The gasoline price decreases will impact in April and May registering as decreases in retail sales.

Or course as consumers/spenders we are better off.

Bloomberg, CBS's and CNN's so called financial news reminds me of the NY Slimes in their left wing approach.

[waterstraat]

NATIONAL REPUBLICAN PLATFORM, ADOPTED AT MINNEAPOLIS, MINN., JUNE 9, 1892 We reaffirm the American doctrine of protection. We maintain that the prosperous condition of our country is largely due to the wise revenue legislation of the Republican Congress. We believe that all articles which cannot be produced in the United States, except for luxuries, should be admitted free of duty, and that upon all imports coming into the United States coming into competition with the products of American labor there should be levied duties equal to the difference between wages abroad and at home.