There is no denying retail sales are in the crapper. As we reported in yesterday’s Fashion Headlines of the Day, Daffy’s is liquidating and Syms and Filene’s closed earlier this year. You know things are bad when discount retailers can’t even make it!
According to today’s NY Post an unexpected and dramatic pullback by shoppers cut retail sales in the US in June for the third straight month. This is the first time that has happened since the recession of 2008. Stagnant sales are being attributed to the disappointing jobs market.
“However hard you look, there’s just no good news in this report,” said chief economist Paul Ashworth at Capital Economics.
Even the big 22 percent jump in June auto sales couldn’t turn overall sales positive, according to the Commerce Dept. report. Some investors believe the unexpectedly poor performance by US consumers could prod Federal Reserve Chairman Ben Bernanke to speed up any stimulus plan under review.
Source & Photo: NY Post