WASHINGTON DC - US consumers have cut back on spending again as concern over rising gasoline prices creates a domino-effect on purchases of other products, according to figures released by the Commerce Department.
Retail sales fell 0.2% in June, a slip that caught analysts unawares. They had been predicting a rise of 0.4% for the month.
They believe economic growth will slow to around 3% in the current quarter, after 5.3% growth at an annualized rate in the first three months of the year.
US Shoppers Rein-In Spending as Gas Prices Bite
News, 18 July 2006
© Copyright 2017
All rights reserved including database rights. This electronic file is for the personal use of authorised users based at the subscribing company's office location. It may not be reproduced, posted on intranets, extranets or the internet, e-mailed, archived or shared electronically either within the purchaser's organisation or externally without express written permission from WARC.