Economy
Related: About this forumU.S. retail sales fall for 3rd straight month
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
DrewFlorida
(1,096 posts)Although sales have fallen for 3 straight months, they are still up from the second quarter of 2011.
http://www.dailyfinance.com/2012/07/16/u-s-economy-appears-weaker-as-retail-sales-slump/
girl gone mad
(20,634 posts)No biggie. it's not like 70% of our economy is related to consumer spending and we are already struggling to create jobs or anything.
DrewFlorida
(1,096 posts)I posted the numbers relative to the same period last year, +4.7%.
The point is, the small reduction in retail sales over the past 3 months is not as bad as it seems when you understand that they are much better than the same period last year. It is not uncommon for retail sales to fall during the summer months.
Po_d Mainiac
(4,183 posts)DrewFlorida
(1,096 posts)girl gone mad
(20,634 posts)Those who are interested in good analysis can find it here:
http://advisorperspectives.com/dshort/updates/Retail-Sales-in-Review.php
DrewFlorida
(1,096 posts)The graph you posted which shows retail sales adjusted for inflation, shows the most recent numbers equal with 2008, not well below 2008 levels.
girl gone mad
(20,634 posts)The blue line is currently well below where it was in at the start of the recession in 2008 (the shaded grey bar on the right).
~$176 billion is less than ~$186 billion.
DrewFlorida
(1,096 posts)I see which chart you were pointing to now, I was looking at the chart above this one which showed adjustment for inflation and population growth separately.
I don't appreciate your sarcastic attitude, that's just rude.