Commerce Dept Report: Retail Sales Drop for 2nd Straight Month

If this is "recovery", make it stop!

WASHINGTON – Retail sales fell in June for the second straight month, more evidence that the recovery will slow in the second half of the year.

Retail spending dropped 0.5 percent in June, the Commerce Department reported Wednesday. That followed a 1.1 percent fall in May. Excluding autos, spending was down 0.1 percent in June.

Much of the weakness last month came from a drop in auto sales and a decline in gasoline prices. Excluding autos and gasoline, sales would have risen 0.1 percent in June after having plunged 1 percent in May.

Americans are spending less and that could threaten the pace of the recovery. Consumer spending accounts for 70 percent of economic activity. But consumers have held back because of high unemployment and other signs that have dampened their confidence, such as the volatile stock market and a struggling housing market.

And then this: US Home-Buying Applications Sink to 13-Year Low