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Friday, September 12, 2008
Retail Sales Inch Lower in August
Associated Press
![Woman Shopping || Consumer Spending || Retail [276]](/images/stories/consumerShopping_1.jpg)
Sales at the nation's retailers unexpectedly dropped in August as frugal shoppers cut back, further proof the economy is losing traction.
The Commerce Department says retail sales fell 0.3% last month. Economists expected a gain of 0.3%. Sales in July also turned out to be even weaker than previously thought, dropping 0.5%, the worst showing in five months.
Rising unemployment, strained household budgets and falling home prices -- which make homeowners feel less wealthy -- are making shoppers more cautious.
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