As retail goes, so goes the economy.
The retail sector reports that sales for June, for stores open at least one year, gained an anemic 0.1%, the slowest rise since August 2009.
This was the third month in a row of significant weakness in the retail sector!
When compared to the 6.7% rise in sales in the same period last year for the retail sector, this 0.1% rise in retail sales from last month reveals how weak consumer spending in this supposed economic recovery is. Remember, dear reader: 70% of gross domestic product (GDP) is composed of consumer spending.
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