Q2 2012 has Few Economic Bright Spots

AnchorageDailyNews reports retail sales fell for the third consecutive month in June, the first time that has happened since the fall of 2008 at the height of the financial crisis. Sales of furnishings, appliances, garden and building supplies, and at department stores all declined, leading to an overall drop of 0.5 percent June over May. Although auto sales were up 22 percent over the same month last year, it was not enough to offset the drop in retail sales, which drives 70 percent of economic activity. The $0.50 a gallon drop in gasoline prices since April did not compensate for the lackluster job growth in the second quarter. Costco, Target, and Macy’s all reported less than expected revenues.

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