Thursday, July 14, 2011

US Retail Sales Disappoint

US retail sales for June increased by just 0.1 percent as consumers continue to battle with elevated unemployment and a slowing economy. Total sales however, were boosted by an unexpected increase in demand at auto dealers that will not influence figures on consumer spending for the second quarter that the government will publish later this month.

“Consumers are cautious,” said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York. “There is still pretty slow momentum. It still shows we’re in a fragile recovery.”

Source: Bloomberg

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