Retail sales fell in July after two straight months of gains, the government reported Thursday, a drop that surprised economists. Without car sales from the "Cash for Clunkers," the numbers would have been even worse.
And Wal-Mart (WMT, Fortune 500), the world's largest retailer, reported an unexpected decline in its key measure of U.S. sales.
"From a consumer finance position, people are still struggling," said Scott Hoyt, senior director of consumer economics for Moody's Economy.com. "Wages have fallen from the previous year and consumers don't [still] have alternative sources of cash." (more)
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