Despite the billions of dollars (with a b) which are suddenly floating around our economy, courtesy of the federal government in the form of a stimulus packge, June retail industry sales didn’t move much at all.
The National Retail Federation reported that retail sales last month edged up 0.2% over May. Retail sales figures do not include sales of automobiles, or gas station and restaurant receipts. If you take those excluded sources into consideration, the U.S. Commerce Department reported that retail sales actually decreased 0.1% from May to June.
It’s pretty grim news all around. The chief economist for the NRF commented, “As retailers enter the back-to-school season, they will have to be creative in finding ways to get consumers to spend on discretionary items.”
Oh boy, I sure hope so. I have three kids to buy back-to-school items for…Want more taxgirl goodness? Pick your poison: You can receive posts by email, follow me on twitter (@taxgirl) hang out with me on Facebook and check out my YouTube channel.