Retail Sales Plunged in June
July 13th, 2007Via: msnbc:
Consumers put away their wallets in June, sending retail sales crashing by the sharpest amount in nearly two years.
The Commerce Department reported Friday that retail sales fell by 0.9 percent last month, the biggest drop since August 2005. Demand for autos, furniture and building supplies all plunged.
The drop was much bigger than the flat reading that economists had been expecting. It raised new worries about consumer spending, which is closely watched because it accounts for two-thirds of total economic activity.
Posted in Economy | Top Of Page
You might be interested an essay entitled, The Economics of Wreckage, Part Two at the Big Brass Blog.
Why should I worry if people don’t spend on stuff they don’t need? I never got that. Please point me to a relevant text for laymen.