Retail Sales Suffer Steep Decline

Friday July 13, 5:14 pm ET
By Martin Crutsinger, AP Economics Writer Retail Sales Take Sharp Plunge, With Weakness in Autos, Furniture and Building Supplies WASHINGTON (AP) -- Consumers put away their wallets in June, sending retail sales plunging by the sharpest amount in nearly two years. Sales of autos, furniture and building supplies all fell, highlighting the economy's weak spots.

The 0.9 percent drop in retail sales was the biggest decline since August 2005, the Commerce Department reported Friday. It was a far bigger setback than the flat reading that had been forecast.