Biz Brief: May Retail Sales Disappoint, Market Slumps

Before you go, we thought you'd like these...
Before you go close icon
Today's disappointing retail sales for May are the latest blow to the economy, which is looking like a boxer wobbly from taking one too many punches to the head. U.S. retail sales fell 1.2% from the previous month to $362.5 billion in May. Economists, optimistic about an economic recovery, were predicting an increase. The weakness was across the board, with retail trade sales falling 1.4% from April 2010, but rising 7.4% above last year. Gasoline stations, nonstore retailers, hardware and department stores also dropped.

Sales excluding autos fell 1.1%, raising fears about a possible double-dip recession, given the dominance of consumer spending in economic activity. It was the first retail sales drop in eight months. Investors aren't happy: The major stock market indexes are indicated lower.
Read Full Story


S&P 500 2,271.31 7.62 0.34%
DJIA 19,827.25 94.85 0.48%
NASDAQ 5,555.33 15.25 0.28%
DAX 11,630.13 33.24 0.29%
HANG SENG 22,897.66 11.75 0.05%
NIKKEI 225 18,978.89 -159.02 -0.83%
USD (per EUR) 1.07 0.00 0.22%
USD (per CHF) 1.00 0.00 -0.18%
JPY (per USD) 113.70 -0.10 -0.09%
GBP (per USD) 1.24 0.00 0.23%

From Our Partners