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Wednesday, August 13, 2014 9:10:57 AM
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WASHINGTON (MarketWatch) — Sales at U.S. retailers in July had the weakest growth in six months, dragged down by auto dealers, according to government data released Wednesday.
Overall retail sales were basically unchanged in July, ticking up only a tiny fraction from June, the U.S. Commerce Department reported. That result missed expectations from economists polled by MarketWatch, who had forecast retail-sales growth of 0.2% in July, matching June’s result. Excluding autos, retail sales rose 0.1% in July, also missing forecasts that called for growth to hold steady at 0.4%.
Retail sales are a major chunk of consumer spending, which is the backbone of the U.S. economy. Recent retail-sales reports have been tepid, held back by weak wage growth and wary consumers.
However, solid job gains this year (A.L.: überwiegend schlecht bezahlte Halbtagsjobs....) could eventually lead to more confident workers and consumers, key drivers for spending and wider economic growth, economists say....
While most economists expect stronger hiring trends this year to lead to higher wages and more consumer spending, others point out that many new jobs, in areas such as retail, are relatively low paying (eben, eben) and may not do much to pump up spending.
...Data details released Wednesday show auto sales fell 0.2% in July. Meanwhile, sales rose 0.3% at food and beverage stores and 0.1% at gas stations...
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