Retailers post worst June sales in three years

[marmar]

NEW YORK (MarketWatch) — As economic uncertainty sapped both consumer confidence and sentiment in June, shoppers also exercised caution with their wallets and delivered U.S. retailers’ worst monthly sales in three years.

Total June sales at stores open at least a year — a key performance metric that strips out the impact of new and closed stores — rose 0.1%, missing the 0.5% gain Wall Street was looking for. That was the smallest pace since sales declined in August 2009, according to Thomson Reuters. Sales rose 6.7% a year earlier. Read “Did mild winter melt June sales?”

More than two-thirds of 20 retailers that reported their results missed estimates, Thomson Reuters data showed.

“Consumers are holding back, cautious and losing confidence,” said IHS Global Insight economist Chris Christopher. ...........(more)

The complete piece is at: http://www.marketwatch.com/story/retailers-post-disappointing-june-sales-2012-07-05

[davidpdx]

1. That is not good

We have to get people out spending money or the retail jobs will start disappearing. They may not be the best jobs out there, but the alternative will be more people unemployed.