U.S. retail sales fell in May for the first time in 11 months, dragged down by a sharp drop in receipts from auto dealerships, according to a government report that could raise fears of a prolonged economic slowdown. At the same time, wholesale prices rose at the slowest pace in 10 months in May as food costs fell and gas prices rose by the smallest amount in eight months. The figures suggest consumers could see some relief from rising prices soon.
The Labor Department says the Producer Price Index, which measures price changes before they reach the consumer, increased 0.2 percent in May. That's down sharply from a 0.8 percent rise in April and a 0.7 percent increase in March. In the past 12 months, the index has risen 7.3 percent, the most since September 2008.
Tuesday, June 14, 2011
Just more confirmation that this economy really sucks.
Posted by traderrob at 5:52 AM