TrafficCourt

Retail Sales Drop 1.2% in September

The Commerce Department released its latest results and they're not good.

Retail sales dived by 1.2% last month, the Commerce Department said Wednesday.

It was a broad decrease and the third drop in a row. Sales in August decreased 0.4%, revised down from an originally estimated 0.3% decline. July sales fell 0.6%.

Economists expected a 0.7% drop in sales during September, the final month of the third quarter. The 1.2% drop was the biggest since 1.4% in August 2005.

The retail sales report illustrates where Americans are spending their money. Consumer spending is a big part of the economy. It makes up about 70% of gross domestic product, which is the scoreboard for the economy.

The drab readings over the summer on retail sales argue the case of many analysts: the U.S. is in a recession or heading for one.

Link.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish