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U.S. Retail Sales Experience Biggest Drop in 7 Months
The Commerce Department reported that retail sales in the U.S. experienced the biggest drop in seven months in September. Retail sales fell 0.3% last month, which was a turnabout from the 0.6% gain in August. The drop was the first registered since the numbers retreated 0.5% in February.
Though consumer spending was strong in the spring, the latest report has economists on edge since they expected strong retail numbers to continue sustaining the U.S. economy. Consumer spending accounts for roughly 70% of economic activity. Economists wonder if the impact of rising trade tensions and volatile markets has caught up with this sector of the economy.
The government’s advance estimates of U.S. retail and food services sales for September 2019 were $525.6 billion. While that was a decrease from the previous month, it was 4.1% above September 2018. Total sales for the July 2019 through September 2019 period were up 4% from the same period a year ago.
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- ◦Economy
