US economy appears weaker as retail sales slump

[Omaha Steve]

Source: AP-Excite

By MARTIN CRUTSINGER and ANNE D'INNOCENZIO

WASHINGTON (AP) - The outlook for the U.S. economy appeared dimmer Monday after a report that Americans spent less at retail businesses for a third straight month in June.

The report led some economists to downgrade their estimates for economic growth in the April-June quarter. Many now think the economy grew even less than in the first quarter of the year, when it expanded at a sluggish 1.9 percent annual rate.

Spending in June fell in nearly every major category - from autos, furniture and appliances to building, garden supplies and department stores. Overall, retail sales slid 0.5 percent from May to June, the Commerce Department said.

Retail sales hadn't fallen for three straight months since the fall of 2008, at the height of the financial crisis.

FULL story at link.


Read more: http://apnews.excite.com/article/20120716/DA027N3G0.html

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In this Tuesday, June 19, 2012, photo, a shopper is seen through a window on display at a Lowe's store in Atlanta. Americans cut their spending at retail businesses for a third straight month, as a weak job market made consumers more cautious. Retail sales fell 0.5 percent in June from May, the Commerce Department said Monday, July 16, 2012. Consumers spent less on autos, furniture, appliances, building and garden supplies and other items from department stores. (AP Photo/David Goldman)

[orpupilofnature57]

1. My mother works at Targets courtesy desk

in up-state NY ,and was extremely busy last month . And they're kind of skewed indicator's primarily Housing and Auto products.

[L0oniX]

2. Everything is dieing here in Florida.

No one is retiring here anymore and very few are visiting for a vacation. Lots of empty strip stores. Even Walmart is slow. Dollar General, Savealot and Aldi are getting those that can't afford Walmart. Every restaurant I go to says they are slower than ever. Homeless food lines seem to be getting longer ....I help out at one of em. I don't know how the store I work at is staying open ...I haven't seen a customer in months ...most of the store business is being done on Ebay ....which isn't saying much. If it weren't for the owner not wanting to retire the store would be closed, I am sure. I suspect that most here are 1 weeks pay or one major health problem away from a catastrophe. I'm not into dooms day shit but it is really bad here.

[permatex]

3. Hey

I'm doing my part, I just spent $1800.00 on a new rifle. Tomorrow I'm going to shell out another $3500.00 for repairs on my wife's vehicle, and I'm getting the boat ready for this weekend at Laughlin, NV. which is going to cost another $1000.00.

[Roadkill711]

4. Whatever happened to Recovery Summer?

I echo a lot of folks who are worried that we just can't seem to get things going anymore. I was so excited about Recovery Summer in 2009, but it seems like everything just stalled out. Is there a plan? Have we hit the wall? Are my kids going to live a poorer lifestyle than I did? Is the American dream dead? Do we need a another change in leadership? Or is it futile to think we are destined for anything other than decline no matter who is in charge?

[annabanana]

5. We need a HUGE shot of infrastructure improvements. We need

LIVING WAGES. We need freedom from the health insurance companies and the miserable policies that tie us to bad paying jobs. We need whatever that index is that ties CEO compensation to the salary of the lowest paid worker...

There are so many things that could be done.

on edit: Welcome to DU

[cstanleytech]

7. The republicans decided to try feeding it a poisoned pill to kill it is what happened. nt

[orpupilofnature57]

9. Obstruction is their mantra.

[DallasNE]

6. Uncertainty

The article pointed out the wild gyrations in the stock market. But the bleak outlook of anything getting done in Congress before the election, including another staredown over the debt ceiling and what will happen with taxes at the end of the year factors into the uncertain outlook. The hot, dry weather is sharply weakening the crop outlook(which will only be partially offset by higher commodity prices).

[BT021]

8. Washington DC area is doing well

same for, coastal California,
and areas that cater to the rich,
and energy producing states.

everywhere else is a depression.

[Quantess]

10. I have not been seeing many travel-vacation photos on facebook

for a few months. Some people traveled in the spring, though. If that's any indicator.