More unexpectedly bad economic news - Retail sales fall for 3rd straight month
U.S. retail sales fell for a third straight month in June as demand slumped for everything from cars and electronics to building materials, a sign the economic recovery is flagging. Retail sales slipped 0.5 percent, the Commerce Department said on Monday.
It was the first time sales had dropped in three consecutive months since late 2008, when the economy was still mired in a deep recession. Analysts polled by Reuters had expected retail sales to rise 0.2 percent.
“Evidence is increasingly clear that the U.S. economy is slowing,” said Jim Baird, an investment strategist at Plante Moran Financial Advisors in Kalamazoo, Mich.