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Wan LixinOpinion deputy editor of Shanghai Daily
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American retailers see spending drop
By Martin Crutsinger |
April 15, 2009, Wednesday
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Print Edition
Print Edition
RETAIL sales in the United States fell unexpectedly in March, dealing a setback to hopes that the economy's steep slide could be bottoming out.
The Commerce Department said yesterday that retail sales dipped 1.1 percent in March. It was the biggest decline in three months and a much weaker showing than the 0.3 percent increase that analysts expected.
A big drop in auto sales led the overall slump in demand. Sales also plunged at clothing stores, appliance outlets and furniture stores.
Meanwhile, the Labor Department reported that wholesale prices fell 1.2 percent in March as the cost of gasoline, other energy products and food fell sharply.
Gas prices fell 13.1 percent, the steepest drop since December, while food costs dipped 0.7 percent.
Excluding volatile food and energy prices, the Producer Price Index was unchanged, below analysts' forecasts of a 0.1-percent rise.
Seasonal adjustments partly explained the unexpectedly weak showing for retail sales. The March 2008 performance had been boosted by an early Easter, while the holiday did not occur this year until April, delaying some shopping.
The overall economy, as measured by the gross domestic product, contracted at an annual rate of 6.3 percent in the final quarter of last year, the biggest slide in a quarter-century. It was led by the largest drop in consumer spending in 28 years.
Consumer spending is closely watched because it accounts for 70 percent of total economic activity.
The 1.1 percent drop in retail sales last month followed a revised 0.3 percent increase in February, originally reported as a 0.1-percent fall. Retail sales rose 1.9 percent in January, which followed six straight months of declines.
For March, auto sales fell 2.3 percent, following a 3-percent drop in February. Auto sales in March were 23.5 percent below year-ago levels as auto makers struggle through their deepest downturn in decades.
Excluding autos, retail sales declined 0.9 percent.
The Commerce Department said yesterday that retail sales dipped 1.1 percent in March. It was the biggest decline in three months and a much weaker showing than the 0.3 percent increase that analysts expected.
A big drop in auto sales led the overall slump in demand. Sales also plunged at clothing stores, appliance outlets and furniture stores.
Meanwhile, the Labor Department reported that wholesale prices fell 1.2 percent in March as the cost of gasoline, other energy products and food fell sharply.
Gas prices fell 13.1 percent, the steepest drop since December, while food costs dipped 0.7 percent.
Excluding volatile food and energy prices, the Producer Price Index was unchanged, below analysts' forecasts of a 0.1-percent rise.
Seasonal adjustments partly explained the unexpectedly weak showing for retail sales. The March 2008 performance had been boosted by an early Easter, while the holiday did not occur this year until April, delaying some shopping.
The overall economy, as measured by the gross domestic product, contracted at an annual rate of 6.3 percent in the final quarter of last year, the biggest slide in a quarter-century. It was led by the largest drop in consumer spending in 28 years.
Consumer spending is closely watched because it accounts for 70 percent of total economic activity.
The 1.1 percent drop in retail sales last month followed a revised 0.3 percent increase in February, originally reported as a 0.1-percent fall. Retail sales rose 1.9 percent in January, which followed six straight months of declines.
For March, auto sales fell 2.3 percent, following a 3-percent drop in February. Auto sales in March were 23.5 percent below year-ago levels as auto makers struggle through their deepest downturn in decades.
Excluding autos, retail sales declined 0.9 percent.
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