Thursday, July 5, 2012

Obamanomics: Retail Sales Sluggish For June

SLUGGISH: Retailers have reported tepid sales numbers for June. As merchants reported their sales early Thursday, many of them disappointed. Costco Wholesale Corp. reported a gain below Wall Street expectations. Target Corp. and Macy's Inc. also missed estimates.
June is a period when stores clear out summer merchandise to make room for fall goods, but it took more discounts than a year ago to get shoppers to buy because of a weakening economy, according to UBS Investment Research analyst Roxanne Meyer.
Other areas show a struggling global economy. U.S. manufacturing shrank in June for the first time in nearly three years, and employers have pulled back on hiring. Europe faces a recession and growth has slowed in big countries like China. Worries about jobs sent shoppers' confidence down in June for the fourth straight month in a row.

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