Retail Sales Fall in August
Sales at U.S. retailers dropped more than forecast in August, indicating a pause in recent consumer-spending strength that has carried the economy. Purchases declined 0.3 percent from July, the first decline in retail sales in five months, after a revised 0.1 percent advance in the previous month, Commerce Department figures showed Thursday. The median projection of economists surveyed by Bloomberg called for a 0.1 percent decline.
Total Retail's Take: This isn't exactly the type of news that retailers were looking for as they prepare for the critical fourth quarter. With the presidential election on the horizon — and it's likely negative influence on consumer spending — and now this news of declining sales, should retailers be bracing for a difficult holiday season? Best to get to work now preparing your businesses to win over what appears may be a cautious consumer.
Joe Keenan is the executive editor of Total Retail. Joe has more than 10 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.
