gas prices
Strong retail sales in MarchPosted by RJ and Makay on Apr 16, 2012 |
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Retail sales rose 0.8% in March as consumers increased their spending on a wide range of goods and services for the third straight month, the Commerce Department reported today. The retail sales increase easily beat economists’ forecasts of 0.4%. Consumer spending accounts for 70% of the nation’s economy, so experts are likely to revise upward their forecasts for first quarter gross domestic product (GDP).
U.S. home values dropped for the fifth month in a row to their lowest level since 2003, according to the S&P/Case-Shiller Index. The rolling three-month index, which is a composite of home prices in 20 U.S. cities, fell 0.8% in January. And over the past 12 months, prices have fallen 3.8% despite signs of an economic recovery. Of the twenty metropolitan areas in the index, only Miami, Phoenix and Washington D.C. saw increases.
U.S. consumer spending in June dropped unexpectedly as Americans saw their incomes grow by the smallest amount in nine months, according to the Commerce Department. It was the first time in 20 months that Americans cut their spending and is a troubling sign for economic growth. Consumer spending dropped 0.2% in June, which followed a gain of 0.1% the month before. Incomes rose 0.1%, the smallest gain since September 2010.
