US retail sales slowest in August in last quarter. There are more bad news in store on US economy. There was a jobs report that pulled the Wall Street down and now there are reports that the US retail sale have gone down considerably in the US.
During the last three months, the retail sale grew very slow last month – slowest compared to the two other months of the last quarter.
So when the stock market opens tomorrow, expect the Dow Jones Industrial Average (DJIA) and others to go down further. DJIA has already gone down beyond the psychological barrier of 11000 points and the new slow growth rate in retail sales is further going to pull down the stock market.
In the month of August the retail sales in the US market grew by just 0.2 percent while in the month of July the growth in the retail sales was marginally above 0.5 percent.
Bloomberg reported Sean Incremona saying that, “Consumers are reluctant to spend on anything outside of what they need”.
Reports suggest that automobile sales growth rate also slowed down marginally in the month of August than the previous two months.