Relevant:
- U.S. Construction Spending Rises More Than Forecast as Manufacturing Gains
- New Home Sales Unexpectedly Plunge to Record Low; Fannie Mae, Freddie Mac Post Losses
- Purchases of New Houses in U.S. Decrease for Second Month
- U.S. Retail Sales Increased in January (BUT IT'S BASICALLY STILL JUST INFLATION)
- New Homes Sales Fall to Six-Month Low, Prices Decline
2012-07-16 — bloomberg.com
0.5 percent drop followed a 0.2 percent decrease in May, Commerce Department figures showed today in Washington. The decline exceeded the most pessimistic forecast in a Bloomberg News survey that called for a median 0.2 percent gain in sales. Other reports today showed manufacturing in the New York region picked up this month and U.S. inventories increased in May.
The retail figures prompted economists at Morgan Stanley, Goldman Sachs Group Inc. and Credit Suisse to lower their forecasts for economic growth in the second quarter. A cooling job market is sapping the household spending that makes up 70 percent of the economy, curbing sales at retailers such as Target Corp. (TGT) and Macy's Inc. (M)
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