Posted: Jun 13, 2012 5:43 AM by Associated Press
WASHINGTON (AP) - U.S. retail sales declined in April and May, pulled down by a sharp drop in gas prices. But even after excluding volatile gas sales, consumers increased their spending only modestly.
The Commerce Department says retail sales dipped 0.2 percent in May. That followed a revised 0.2 percent decline April. The back-to-back declines were the first in two years.
The weakness reflected a 2.2 percent plunge in gasoline station sales. Still, excluding that category, retail spending rose just 0.1 percent in May. And it dropped 0.1 percent in April.
The flat spending suggests slow job growth and paltry wage increases may be leading consumers to pull back on spending.
Still, consumers spent more in May on big purchases - cars, furniture and appliances were among the categories to show increases.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at email@example.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Watch Daybreak Web Videos in full
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties