U.S. retail sales fall for third straight month
Purchases sink 0.5% in June as the nation’s economy slows
WASHINGTON (MarketWatch) — U.S. retail sales fell in June for the third straight month as consumers cut spending on most goods and services, reflecting a sharp slowdown in economic growth in the second quarter.
Retail sales slumped a seasonally adjusted 0.5% in June following declines in May and April, the Commerce Department reported Monday.
The last time the U.S. experienced three straight monthly drops in retail spending was in the second half of 2008, midway through the Great Recession.
The weak retail report fell well short of Wall Street expectations and sent U.S. stocks lower in early action. Economists surveyed by MarketWatch had forecast a 0.2% increase in sales.
“The soft patch in the U.S. economy looks just a bit softer after today’s news,” said economist Avery Shenfeld at CIBC World Markets. http://www.marketwatch.com/story/us-retail-sa...2012-07-16