Weak US retail sales point to slowing economy, Latest Business News - The New Paper

Weak US retail sales point to slowing economy

This article is more than 12 months old

WASHINGTON: US retail sales unexpectedly fell last month as households cut back on purchases of motor vehicles and other goods, pointing to a slowdown in economic growth after a temporary boost from exports and inventories in the first quarter.

The economy's outlook was also dimmed by other data yesterday showing a decline in industrial production last month.

The Commerce Department said retail sales slipped 0.2 per cent last month.

Data for March was revised slightly up to show retail sales surging 1.7 per cent, the largest increase since September 2017, instead of the previously reported 1.6 per cent jump.

US financial markets were little moved by the data. - REUTERS