Update 3: Retailers Post Disappointing August Sales
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The August start of the back-to-school shopping season was a disappointment for major retailers, giving the industry a third straight month of listless sales.
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US retailers on Thursday reported weaker-than-expected August sales, generating the smallest monthly gain in a year and a half as high gasoline prices cut into back-to-school spending.
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Retail sales were generally lackluster in August. Some outfits blamed Hurricane Charlie. Others pointed the finger at gas prices or the late start to the back-to-school shopping season.
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The largest U.S. closeout retailer reports a drop in same-store sales for August.
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US retail sales fell 0.3% in August as rising energy costs and bad weather persuaded shoppers to reduce their spending.
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A key gauge of future economic activity weakened for a third straight month in August as costlier oil spread worry among consumers and businesses, a report from a business research group showed on Thursday .
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August was a dismal month for sales of new cars and trucks, with nearly every major automaker reporting a decline compared with a year ago.
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Sales at retailers rose a smaller-than-expected 0.3 percent in August and they recorded the biggest decline in almost a year when car sales were stripped out, a government report showed on Friday.
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Retail sales and industrial output eked out smaller-than-expected gains in August, according to data on Friday that kept in place expectations the Federal Reserve will cut interest rates next week.
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Retail sales fell more than expected in July and for the first time in over a year as poor weather pushed down clothing sales sharply.
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WASHINGTON -- Retail sales in August posted the weakest showing in two months as worried consumers curbed their spending habits.
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Charley throws some water on Wal-Mart's August sales forecast.
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The retailer lowers its outlook after same-store sales fall.
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A closely watched gauge of future business activity fell in August for a third consecutive month, evidence that companies and consumers continue to navigate an uncertain economic climate.
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The start of the back-to-school shopping season was a disappointment for major retailers, giving the industry a third straight month of listless sales. Higher gasoline prices contributed to the poor showing.
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Jitters over a slowing US economy intensified yesterday with the release of weaker-than-expected retail sales figures for August, further raising expectations that the Federal Reserve board will cut interest rates next week for the first time in four years.
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INFLATION fell again in August, slipping further below the governmentâs 2 per cent target, driven down by clothing and footwear retailers failing to raise prices after a poor summer.