- Oct 7, 2011
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US retail sales fizzled in June, falling for the third consecutive month amid lower gasoline prices and as consumers kept a tight hold on their wallets, government data showed Monday.
Retail sales fell 0.5 percent from May, while sales excluding automobiles and parts dropped 0.4 percent, the Commerce Department reported.
Over the April-June period, retail sales were down 0.2 percent from the first quarter, and ex-auto sales were down 0.3 percent.
The June decline in retail and food services sales surprised most analysts, who had estimated on average a 0.2 percent increase last month.
"It may be the hottest summer on record but US retailers are feeling a chill," said Jennifer Lee at BMO Capital Markets.
Lee said the decline was a "not shocking-knock-me-off-my-chair move, considering the headwinds consumers are facing these days -- slower job growth, equity market volatility, negative headlines abound on the European debt crisis and possible tax hikes and more expensive health care premiums"...
More:
Retail Sales Fizzle in June
Retail sales fell 0.5 percent from May, while sales excluding automobiles and parts dropped 0.4 percent, the Commerce Department reported.
Over the April-June period, retail sales were down 0.2 percent from the first quarter, and ex-auto sales were down 0.3 percent.
The June decline in retail and food services sales surprised most analysts, who had estimated on average a 0.2 percent increase last month.
"It may be the hottest summer on record but US retailers are feeling a chill," said Jennifer Lee at BMO Capital Markets.
Lee said the decline was a "not shocking-knock-me-off-my-chair move, considering the headwinds consumers are facing these days -- slower job growth, equity market volatility, negative headlines abound on the European debt crisis and possible tax hikes and more expensive health care premiums"...
More:
Retail Sales Fizzle in June
