Retail Sales Slide, Add To Concern About Recovery
Retail sales dipped 0.3% last month, the Labor Department reported today, an unexpected decline that fueled concerns about a slowing recovery. Core retail sales, which exclude cars, gas, food services and building materials, were down 0.1%, well below analysts' expectations of a 0.7% climb. What's more, May's result was revised down to 1% growth from the previously reported 1.2%. Car dealerships recorded June declines of 1.1%, a reversal from the previous month's 1.8% rise. Clothing retailers suffered a 1.5% slip, their steepest stumble since September 2014. Home supply and furniture store sales fell 1.3% and 1.6%, respectively, with the latter being the largest decrease since January 2014.
This morning's report follows a lukewarm June jobs report and news last week that jobless claims were at a five-month high.