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08-13-2009, 06:24 PM #1
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U.S. Economy: Sales Unexpectedly Fall on Job Losses (Update2
U.S. Economy: Sales Unexpectedly Fall on Job Losses (Update2)
By Timothy R. Homan
Aug. 13 (Bloomberg) -- Sales at U.S. retailers unexpectedly fell in July, raising the risk that a lack of consumer spending will temper a recovery from the worst recession since the 1930s.
Purchases decreased 0.1 percent, the first drop in three months, as shrinking demand at department stores such as Macy’s Inc. and Wal-Mart Stores Inc. overshadowed a boost from the cash-for-clunkers automobile incentive program, Commerce Department figures showed today in Washington.
A separate government report today showed more Americans than forecast filed claims for unemployment insurance last week, underscoring the threat to spending from the continued deterioration in the job market. Treasury securities jumped and the dollar fell after the reports, and some economists lowered estimates for growth this quarter.
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