U.S. Retail Sales Unexpectedly Drop as Jobs Evaporate
Before the Crash, Hoover kept telling everyone to have no fear and keep spending because the economy was stable.
U.S. Retail Sales Unexpectedly Drop as Jobs Evaporate
By Bob Willis
April 14 (Bloomberg) -- Retail sales in the U.S. unexpectedly fell in March as soaring job losses forced consumers to pull back.
The 1.1 percent decrease followed a 0.3 percent gain in February that was stronger than previously estimated, the Commerce Department said today in Washington. Auto dealers, electronics stores and restaurants led the decline.
Less consumer spending heading into the second quarter means the recession is likely to persist. Still, Federal Reserve Chairman Ben S. Bernanke said today there are signs that the “sharp declineâ€