(Reuters) - The Commerce Department reported a 0.9 percent decline in June sales where economists had looked for a 0.1 percent gain, far outweighing small upward revisions to the figures for May.
"The rise in gasoline prices absorbs a big chunk of spendable income," said Nigel Gault, director of U.S. economic research at Global Insight. "Consumers had to spend $53 billion more in the second quarter at an annual rate than they did in the first. Eventually they need to cut back somewhere else."
Read more at Reuters.com Economic News
"The rise in gasoline prices absorbs a big chunk of spendable income," said Nigel Gault, director of U.S. economic research at Global Insight. "Consumers had to spend $53 billion more in the second quarter at an annual rate than they did in the first. Eventually they need to cut back somewhere else."
Read more at Reuters.com Economic News
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