Retail Sales Drop in June
Wall Street analyst forecasts for a 0.4 percent increase in retail sales for June were defied by a 0.1 percent drop. Much of this has been attributed to the high cost of gas, which climbed 1.1 percent in June after climbing 1.9 percent in May. A.G. Edwards chief economist Gary Thayer explains, “Consumers are feeling the pinch from rising energy prices and their spending moderated in the second quarter. This suggests that the economy is cooling off.” Electronics and appliance sales, which did not change in May, dropped 0.7 percent in June. Some economists attribute this to a slowdown in housing.
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