Retail sluggish in April
Tuesday, May 15, 2012
Retail sales in the United States grew at their slowest pace this year in April, according to Bloomberg.
The median forecast from the news source's survey found economists projected an increase of 0.1 percent, which was mirrored in the Commerce Department figures presented today in Washington, D.C. The increase is down from the 0.7 percent surge seen in March, the news source stated.
“The consumer is holding up,” Neil Dutta, an economist at Bank of America Corporation in New York who correctly forecast the sales gain, told the news source. “The key thing here is to determine to what extent the weather had an effect, and it’s pretty clear if you look at the components there was some weather impact.”
Although the retail sector of the economy is slowing to a crawl, other aspects are picking up and the changes are being reflected in the stock market. Much anticipation is surrounding Facebook's initial public offering, and the latest report from Bloomberg has the social networking website's IPO price range between $34 and $38 per share.
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