Retail Sales Drop 0.5 Percent in June
July 14, 2010 - 8:46 AMRetail sales fell in June for the second straight month, raising new concerns about how much of a slowdown the economy will have to endure in the second half of this year.
The Commerce Department says retail spending dropped 0.5 percent in June. That followed an even larger 1.1 percent fall in May. Excluding autos, spending was down a smaller 0.1 percent in June.
Much of the weakness last month came from the drop in auto sales and a decline in gasoline prices. Excluding autos and gasoline, sales would have risen a slight 0.1 percent in June after having plunged 1 percent in May. Still, the lackluster performance of retail sales over the past two months is prompting fears that the fledgling recovery is in danger of stalling out.
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