News Summary: Retail sales fall 0.5 percent in May

AP News
Posted: Jul 16, 2012 6:26 PM

SALES DOWN: U.S. retail sales fell for a third straight month in June, dropping 0.5 percent from May. It was the first time sales have fallen for three consecutive months since the fall of 2008 during the financial crisis.

WIDESPREAD WEAKNESS: Spending fell in nearly every major category in June, from autos and furniture to electronic appliances and department store products.

OUTLOOK: The weakness in retail sales added to evidence that the economy lost momentum in the spring, raising the possibility that the Federal Reserve will be forced to take additional steps to try to boost growth.