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Retail sales in US flat on less spending
Source: Agencies |
September 15, 2011, Thursday
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Print Edition
Print Edition
UNITED States consumers spent less on autos, clothing and furniture to leave retail sales unchanged in August.
The lack of growth suggests households became more cautious during wild stock market fluctuations and increased fears about the economy.
The US Commerce Department also said yesterday that retail sales were slightly weaker in July than first thought. They rose just 0.3 percent, down from the initial reading of 0.5 percent.
Auto sales fell 0.3 percent in August. Sales at clothing stores shed 0.7 percent. Gasoline sales rose.
Analysts said Hurricane Irene likely disrupted sales in late August along most of the country's East Coast.
Consumer spending is important because it accounts for 70 percent of US economic activity.
The overall economy expanded at an annual rate of just 0.7 percent in the first six months of this year, the slowest growth since the recession ended two years ago.
Employers added no net jobs in August, and the unemployment rate stayed at 9.1 percent.
The lack of growth suggests households became more cautious during wild stock market fluctuations and increased fears about the economy.
The US Commerce Department also said yesterday that retail sales were slightly weaker in July than first thought. They rose just 0.3 percent, down from the initial reading of 0.5 percent.
Auto sales fell 0.3 percent in August. Sales at clothing stores shed 0.7 percent. Gasoline sales rose.
Analysts said Hurricane Irene likely disrupted sales in late August along most of the country's East Coast.
Consumer spending is important because it accounts for 70 percent of US economic activity.
The overall economy expanded at an annual rate of just 0.7 percent in the first six months of this year, the slowest growth since the recession ended two years ago.
Employers added no net jobs in August, and the unemployment rate stayed at 9.1 percent.
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