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Retail sales slump 1.1% in March
Sales decline 1.2% in first quarter compared with fourth quarter
WASHINGTON (MarketWatch) - U.S. retail sales dropped a seasonally adjusted 1.1% in March, the Commerce Department reported Tuesday, after two months of gains had boosted hopes of a rebound in consumer spending.
Sales for January and February were revised higher in Tuesday's report by 0.5 percentage points, but the results were still much weaker than expected by economists, who thought sales would rise 0.2% in March.
"This looks like something of a reality check after a run of upside data surprises," wrote Ian Shepherdson, chief U.S. economist for High Frequency Economics.
"This report is a reminder that the U.S. economy is not out of the woods, yet," wrote Harm Bandholz, an economist for UniCredit Markets.
With the recession entering its 16th month, consumers have been battered by staggering job destruction and the loss of trillions in wealth in their homes and investments.
More at link...
Retail sales slump 1.1% in March
Sales decline 1.2% in first quarter compared with fourth quarter
WASHINGTON (MarketWatch) - U.S. retail sales dropped a seasonally adjusted 1.1% in March, the Commerce Department reported Tuesday, after two months of gains had boosted hopes of a rebound in consumer spending.
Sales for January and February were revised higher in Tuesday's report by 0.5 percentage points, but the results were still much weaker than expected by economists, who thought sales would rise 0.2% in March.
"This looks like something of a reality check after a run of upside data surprises," wrote Ian Shepherdson, chief U.S. economist for High Frequency Economics.
"This report is a reminder that the U.S. economy is not out of the woods, yet," wrote Harm Bandholz, an economist for UniCredit Markets.
With the recession entering its 16th month, consumers have been battered by staggering job destruction and the loss of trillions in wealth in their homes and investments.
More at link...