Surprise fall in sales at US retailers
Source: Agencies |
January 15, 2010, Friday
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Print Edition
Print Edition
Sales at United States retailers unexpectedly fell in December and applications for jobless benefits rose last week, raising concerns about the durability of the economy's recovery.
The US Commerce Department said yesterday that retail sales fell 0.3 percent last month from November, the first decline in three months, as consumers spent less on vehicles and an array of other goods during the holiday shopping month. Sales had risen 1.8 percent in November. Analysts polled by Reuters had forecast retail sales gaining 0.5 percent last month.
A separate report from the US Labor Department showed initial claims for state unemployment benefits rose 11,000 to 444,000 last week, higher than the 437,000 claims that analysts surveyed by Reuters had forecast.
"Will consumers be able to take over from the government and replace demand that has come so far from government spending? If the consumer is unable to do that, it's going to pose some significant risks to the global recovery story," said Boris Schlossberg, director of research at GFT Forex in New York.
S&P 500 stock index futures turned negative after unexpectedly weak jobless claims and retail sales data. The dollar pared gains against the yen. US government debt prices added to gains.
Compared with December 2008, sales rose 5.4 percent, but fell 6.2 percent for the whole of 2009.
Motor vehicle purchases fell 0.8 percent, while sales at electronics and appliance stores dropped 2.6 percent.
The data could add to worries that the economic growth that started in the third quarter of 2008 could falter once government stimulus ends.
The US Commerce Department said yesterday that retail sales fell 0.3 percent last month from November, the first decline in three months, as consumers spent less on vehicles and an array of other goods during the holiday shopping month. Sales had risen 1.8 percent in November. Analysts polled by Reuters had forecast retail sales gaining 0.5 percent last month.
A separate report from the US Labor Department showed initial claims for state unemployment benefits rose 11,000 to 444,000 last week, higher than the 437,000 claims that analysts surveyed by Reuters had forecast.
"Will consumers be able to take over from the government and replace demand that has come so far from government spending? If the consumer is unable to do that, it's going to pose some significant risks to the global recovery story," said Boris Schlossberg, director of research at GFT Forex in New York.
S&P 500 stock index futures turned negative after unexpectedly weak jobless claims and retail sales data. The dollar pared gains against the yen. US government debt prices added to gains.
Compared with December 2008, sales rose 5.4 percent, but fell 6.2 percent for the whole of 2009.
Motor vehicle purchases fell 0.8 percent, while sales at electronics and appliance stores dropped 2.6 percent.
The data could add to worries that the economic growth that started in the third quarter of 2008 could falter once government stimulus ends.
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