US retail sales drop from May to June, but up 5pc year on year

THE US Commerce Department has reported that retail sales declined in from May to June, excluding automotive, by 0.6 per cent from May, but sales rose five per cent compared to June 2009.

"Persistent high unemployment continues to be a drag on retail sales and the economy as fewer people have money to spend," said the American Shipper.

This comes after the Federal Reserve lowered its expectations for growth, down to 3 - 3.5 per cent from its April prediction 3.2 - 3.7 per cent.

It added that the consensus among Fed governors is that the economy will take five to six years to fully recover to the levels seen before the recession took hold.
(Source:www.schednet.com)