Retailers Don’t See Back-To-School Bounce
U.S. Federal Reserve Chairman Ben Bernanke announced the end of the recession in September, but his announcement doesn’t jive with consumer spending over the summer.
Retail industry sales for July, excluding vehicles, gas stations and restaurants, decreased a seasonally adjusted 0.6 percent from June and dropped an unadjusted 5 percent year-to-year, according to the National Retail Federation (Washington).
“Many families postponed the bulk of their back-to-school shopping this year, possibly waiting to take advantage of their state sales tax holiday or hoping for additional discounts,” said Rosalind Wells, chief economist for the NRF. “Hopefully, retailers’ aggressive promotions and reduced inventory levels will make for a better August and shield retailers from a disappointing season.”
U.S. Commerce Department figures show that total retail sales decreased a seasonally adjusted 0.1 percent from June and an unadjusted 7.9 percent year-over-year. [November 2009 PET AGE]
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