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Author Topic: Retail sales unexpectedly dip 0.1 percent in July  (Read 972 times)
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JohnBrowdie
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« on: August 13, 2009, 07:39:47 pm »

cash for clunkers simply pulled spending from other sectors of the economy in july.  it didn't create economic activity, and it didn't "stimulate" much of anything.  if it did anything, it probably depressed other areas of the economy since taking on a car loan will cause the average consumer to restrict their personal spending for other goods and services.

someone around here all but said that during the cash for clunkers euphoria.

Quote
Retail sales unexpectedly dip 0.1 percent in July

Retail sales post unexpected 0.1 percent decline in July, raising new worries about consumers

WASHINGTON (AP) -- Retail sales outside of autos turned in a disappointing performance in July, underscoring concerns about the timing and durability of a recovery from the worst recession since World War II

The Commerce Department said Thursday that retail sales fell 0.1 percent last month. Economists had expected a gain of 0.7 percent.

While autos, helped by the start of the Cash for Clunkers program, showed a 2.4 percent jump -- the biggest in six months -- there was widespread weakness elsewhere. Gasoline stations, department stores, electronics outlets and furniture stores all reported declines.

The July dip was the first setback following two months of modest sales gains. Excluding autos, sales fell 0.6 percent, worse than the 0.1 percent rise economists had forecast.

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