Posted At : August 18, 2009 2:37 PM
Retail sales at U.S. retailers unexpectedly fell in July, declining by .1%, as a boost from the cash-for-clunkers automobile incentive program couldn’t even overcome cuts in other spending. Purchases excluding automobiles fell 0.6 percent, also more than anticipated. This report is critical because consumer spending accounts for over 70% of the nations GDP and no recovery can occur with significant consumer. Today’s report was a big surprise to the market, but not at all for us here.
Regards -Keith Springer