U.S. August Retail Sales Fall 2.1%, Auto Sales Down 12%

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00006483-us-august-retail-sales-fall-21-auto-sales/

U.S. retail sales fell in August by the most since November 2001 as auto purchases slumped after a buoyant July.

The 2.1 percent decline follows a 1.8 percent increase the month before that was the same as originally reported, the Commerce Department said today in Washington. Excluding autos, sales rose 1 percent, twice as much as expected. Also subtracting purchases at service stations, sales rose 0.5 percent.

Auto purchases dropped last month as the lure of employee discounts faded. Sales at chain stores including Wal-Mart Stores Inc. were also weaker as surging gasoline prices prevented consumers from spending on other goods. Higher fuel costs and job losses after Hurricane Katrina threaten to further undermine spending in coming months, economists said.

For this complete story, please visit U.S. August Retail Sales Fall 2.1%.

U.S. August Retail Sales Fall 2.1%, Auto Sales Down 12%

Unknown Author

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