“U.S. retail sales unexpectedly fell in August, likely hurt by the impact of Hurricane Harvey on motor vehicle purchases, suggesting a moderation in consumer spending in the third quarter.” Reports Reuters via businessinsider.com.
“The Commerce Department said on Friday retail sales dropped 0.2 percent last month, the biggest decline in six months. Data for July was revised to show sales increasing 0.3 percent instead of the previously reported 0.6 percent jump.”
The low numbers are just another blow in what has been one of the worst years for retail in recent memory. The markets have reflected those woes by tearing down major retailers’ stock values.
Another problem according to Business Insider is that “department store retailers are struggling with falling traffic in shopping malls and increased competition from Amazon.com and other online retailers.”
After so much bad news, there has been little to suggest that there will be any turn around. Keep updated on the situation by signing up for our newsletter down below. To read the full article, read more at businessinsider.com.
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