Retail sales decline in June

(July 16, 2012) -- "Today’s report implied that consumer spending growth slowed in the second quarter of 2012 to only 1.4 percent, at an annualized rate, which is down from the 2.5 percent achieved in the first quarter of the year," said Ferley. "For this downward trend to be arrested, it is key for labor markets to start to recover from disappointing gains during the second quarter with the recent drop in jobless claims providing a hopeful sign."