Retail Sales Crappiest Since Height Of Financial Crisis

Americans cut their spending at retail businesses in June for a third straight month, as a weak job market has made consumers more cautious.  Retail sales fell 0.5 percent in June from May, the Commerce Department said Monday. Consumers spent less on autos, furniture, appliances, on building and garden supplies and at department stores.  Stocks fell after the report was released. The Dow Jones industrial average dropped 74 points in early trading. Broader indexes also declined.

"However hard you look, there's just no good news in this report at all," said Paul Ashworth, chief U.S. economist at Capital Economics.

Retail sales haven't fallen for three straight months since the fall of 2008, at the height of the financial crisis.  Still, Ashworth said overall economic growth likely slowed to an annual rate of just 1.5 percent in the second quarter. That's down from 1.9 percent in the January-March quarter and typically not enough to lower the unemployment rate….

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