Retailers endured another tough month in July, as weaker consumer spending signaled a tough time for back-to-school sales, according to a story in the Wall Street Journal.
July Retail sales turned in their worst performance since January, dashing retailer hopes for a lift from back-to-school sales, according to a story in the Wall Street Journal.
Written by Joseph Pereira, the story says sales at stores open more than a year fell 5.1 percent, according to research by Thomson Reuters Inc. The result doesn’t include sales at Wal-Mart Stores Inc., which recently stopped releasing monthly figures, the story says.
The problem lies in rising unemployment, with economists anticipating July’s rate to hit 9.8 percent, up from 5.7 percent a year ago.
WSJ Online subscribers may read the full story here.