subscribesubscriber servicescontact usabout ussite mapBuy a Classified
Fri, Jul 18 2008 
Breaking News:  Noon UPDATE: Complaint could keep Dunnichay off Olympic team; hearing scheduled for today  July 18, 2008 09:31 am

Published May 13, 2008 08:38 am - WASHINGTON — Consumers, battling soaring gasoline prices and a slumping economy, cut back further on their spending in April.


8:35 a.m.: Retail sales dip again


The Associated Press

WASHINGTON — Consumers, battling soaring gasoline prices and a slumping economy, cut back further on their spending in April.

The Commerce Department reported Tuesday that retail sales dipped 0.2 percent last month, right in line with economists’ expectations.

It was the second drop in the past three months and was led by a 2.8 percent decline in auto sales, the biggest setback in this category in 10 months. It reflected the problems that automakers are having as a weak economy and soaring gasoline prices cut into demand for new cars.

Excluding autos, retail sales rose by 0.5 percent, a better performance than had been expected as sales at general merchandise stores, a category that includes big chains such as Wal-Mart, posted a 0.5 percent increase, much better than the tiny 0.1 percent rise in March.

However, sales at department stores were down 0.1 percent, indicating that tough economic times may be pushing people to seek out bargains at giant discount stores.

Many analysts believe the economy has slipped into a recession. However, overall economic growth, as measured by the gross domestic product, has not yet turned negative.

The Bush administration is hoping that a $168 billion economic stimulus package, which includes about $100 billion in direct payments to households, will give the economy a jump-start. The government started making those payments at the end of April.



print this story    email this story    comment on this story   

Click to discuss this story with other readers on our forums.

Click here to load this Caspio Bridge DataPage.
Click here to load this Caspio Bridge DataPage.




monster
wheels
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide








Search for gas prices by Zip Code





















Premier Guide
Find a job! Find a Home! Find a car!


 

Community Newspaper Holdings, Inc.CNHI Classified Advertising NetworkCNHI News Service
Associated Press content © 2008. All rights reserved. AP content may not be published, broadcast, rewritten or redistributed.
Our site is powered by Zope and our Internet Yellow Pages site is powered by PremierGuide.
Some parts of our site may require you to download the Flash Player Plugin.
View our Privacy Policy
Advertiser index

rc