Retail sales unexpectedly fall in May …plunge by largest amount in 8 months
WASHINGTON (Reuters) - Sales at retailers unexpectedly fell in May for the first time in eight months, but a jump in consumer sentiment to a near 2-1/2 year high in early June eased fears of a slowdown in the economic recovery.
The drop in sales reported by the Commerce Department on Friday followed last week’s data showing a step back in private hiring in May, but analysts still saw little risk of the economy slipping back into recession.
“The report is not evidence that the economy is getting ready for a double-dip or that consumers, facing headwinds of double-digit unemployment and bank credit restriction, are taking their ball and going home,” said Chris Rupkey, chief financial economist at Bank of Tokyo/Mitsubishi in New York.
Read the whole story at Yahoo News
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