US retail sales dip 0.3% in September
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WASHINGTON — Retail sales dropped in September by the largest amount in seven months, possibly signalling that rising trade tensions and turbulent markets are having an impact on consumer spending.
The Commerce Department said Wednesday that retail sales fell 0.3% last month following a 0.6% gain in August. It was the first decline since a 0.5% drop in February.
Consumer spending was strong in the spring and economists had been counting on continued strength to protect the U.S. economy as it is buffeted by the fallout from President Donald Trump’s trade war with China.
The spending decline in October, which was unexpected, was influenced by special factors including a big 0.7% decline in sales at gasoline stations, a decline that likely reflected falling gas prices during the month.
