Retail sales in the U.S. unexpectedly fell in March as soaring job losses forced consumers to pull back.
The 1.1 percent decrease followed a 0.3 percent gain in February that was stronger than previously estimated, the Commerce Department said today in Washington. Auto dealers, electronics stores and restaurants led the decline.
Less consumer spending heading into the second quarter means the recession is likely to persist. Incentives and promotions by car dealers and clothing stores such as Gap Inc. failed to draw customers hurt by a lack of credit and the highest jobless rate in 25 years.
Tuesday, April 14, 2009
Recession over? Not!
The rumors of the recession's death have been greatly exaggerated: