U.S. retail sales fell in June by the
most since February 2003, adding to evidence that consumer
spending slowed in the second quarter, Bloomberg reports.
The 1.1 percent decline reflected a drop in spending at
automobile dealerships and department stores and followed a
revised 1.4 percent increase in May, the Commerce Department reports. Economists forecast a 0.8 percent decrease.
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Gasoline prices, which held above $2 a gallon on average in
May and June, limited sales at Wal-Mart Stores Inc. at the same
time that autos sold at the slowest annual rate in six years.
Consumer spending slowed last quarter and may pick up again in
coming months, executives and economists said.
