Weak U.S. retail sales, industrial output highlight slowing economy

WASHINGTON - U.S. retail sales unexpectedly fell in April as households cut back on purchases of motor vehicles and a range of other goods, pointing to a slowdown in economic growth after a temporary boost from exports and inventories in the first quarter.

Growth is slowing as the stimulus from the White House’s $1.5 trillion tax cut package fades. President Donald Trump’s escalating trade war with China, which triggered a steep U.S. stock market sell-off, is also seen hurting business confidence and undercutting spending on equipment. The Commerce Department said retail sales slipped 0.2% last month after surging 1.7% in March, which was the largest increase since September 2017. Economists polled by Reuters had forecast retail sales gaining 0.2% in April. Retail sales in April increased 3.1% from a year ago.

Consumer spending accounts for more than two-thirds of economic activity. While March’s strong core retail sales set consumer spending on an upward trajectory in the second quarter, last month’s weakness suggested a moderate pickup in spending. But consumption remains underpinned by a strong labor market, marked by the lowest unemployment rate in nearly 50 years.

In a separate report on Wednesday, the Federal Reserve said industrial production fell 0.5% in April after rising 0.2% in March. The third drop in production this year was led by manufacturing. Output at factories declined 0.5% as motor vehicles and parts production tumbled 2.6%.Automobile assembly plants are cutting back production as slowing sales have led to a glut of vehicles in showrooms.

“We expect manufacturing to remain under pressure in the coming months,” said Sarah House, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

Just temporary. Status quo i.e letting China to continue its ip stealing and genocidal policy is far more dangerous

BS

BorenHannu Pony 5.0 linjalla

Thanks Trump and his 'America First' trade war!

Trade wars are easy to win.

Slowing from exactly where... Exactly?

SMH.

Tweet this to DONALD DUCK.

But, but, but, but ... his lies ....

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Weak U.S. retail sales point to slowing economyU.S. retail sales unexpectedly fell in April as households cut back on purchases... Slowing economy? FAKENEWS Alert🚨 Disinformation from the pros. Good bye Mr. Trump. Reality will Trump Bullshit. It’s about time. Simple cycle that regularly occurs.
Source: Reuters - 🏆 2. / 97 Read more »

Weak U.S. retail sales, industrial output point to slowing economyU.S. retail sales unexpectedly fell in April as households cut back on purchases... Couldn’t possibly be the inordinate disparity between income and prices Trumponomics is 'the biggest looser in American history' courtesy of the 10,000+ lying realDonaldTrump people can't afford new cars even with zero interest rates. Add on the trump tariff taxes, plus interest, and used cars are to expensive ! Most Americans are really struggling !
Source: Reuters - 🏆 2. / 97 Read more »

U.S. Economy Lost Some Steam at Start of Second QuarterThe U.S. economy got off to a sluggish start in the second quarter, with both consumers and manufacturers pulling back in April amid trade tensions, a global slowdown and waning effects of the 2017 tax cuts. Yes and it's going to get worse Add the tariffs to the mix and watch the economy slump. In fact, nine of the past 10 recessions in history have begun with a Republican in the White House. And several Republican commanders in chief — Dwight Eisenhower, Richard Nixon, and George W. Bush — have presided over multiple economic contractions.
Source: WSJ - 🏆 98. / 63 Read more »

Uber’s High-Profile IPO Upsets With Weak DebutUber skidded into the public markets, falling 7.6% below the ride-hailing giant’s already conservative offering price in a bleak debut for the nation’s most valuable startup. Did you expect anything else. Turn a profit first bud. Guess a lot of people are beginning to think like I have since the birth of Uber - - - who wants to catch a ride with a potential serial killer? Uber can kiss my ass.
Source: WSJ - 🏆 98. / 63 Read more »