U.S. retail sales fall for 3rd straight month

[marmar]

from the LA Times:



Washington —

Retail sales fell in June for the third straight month, knocking down economic growth projections for the second quarter and dimming the outlook for hiring in the near term.

The 0.5% drop from May was broad-based; consumers pulled back on spending for cars, electronics, furniture, building materials and other goods, the Commerce Department reported Monday.

The report surprised analysts, who were expecting a small increase in retail sales after two prior months of declines. It was the first time since the fall of 2008, when the recession was in full bloom, that retail sales fell three consecutive months.

Consumer spending, which accounts for about 70% of the American economy, has weakened amid persistent worries about Europe's debt crisis, slumping job growth at home and uncertainties about taxes and fiscal spending cuts. ................(more)

The complete piece is at: http://www.latimes.com/business/money/la-fi-mo-retail-sales-20120716,0,6550178.story