Further evidence that the US recovery is losing steam came today in the form of the latest retail sales results. According to the Commerce Department, retail sales fell 0.5 percent in June, after declining 1.1 percent in May.
Analysts did note that the decline was due mostly to a noticeable drop in auto sales and lower gasoline prices. Removing both from the calculation, retails sales would have risen a modest 0.1 percent.
Source: Associated Press
