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Retail Sales Unchanged in Slow Start to U.S. Third Quarter


Wednesday, 13 August 2014 20:11 WIB

ECONOMICAmerika


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Retail sales were little changed in July, the worst performance in six months, as car demand slowed and tepid wage growth restrained U.S. consumers.

The slowdown in purchases followed a 0.2 percent advance in June, the Commerce Department reported today in Washington. The median forecast of 82 economists surveyed by Bloomberg called for a 0.2 percent gain. Excluding cars, sales rose 0.1 percent.

Job growth has yet to stoke the type of wage gains needed to boost household purchases, a sign the economic expansion will probably not sustain the second-quarter pickup into the end of the year. Some retailers must rely on promotions and discounts to entice customers, whose spending accounts for about 70 percent of the economy.

Stock-index futures held earlier gains after the report. The contract on the Standard & Poor’s 500 Index maturing in September climbed 0.4 percent to 1,938.9 at 8:32 a.m. in New York.

Estimates in the Bloomberg survey ranged from a decline of 0.1 percent to a 0.6 percent gain. June’s reading was unrevised.

Eight of 13 major categories showed an increase in sales last month, paced by clothing, grocery and personal-care stores, today’s report showed.

Source : Bloomberg


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