U.S. retail sales fell for the first time in seven months in September, suggesti...
WASHINGTON - U.S. retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month.
Retail sales dropped 0.3% last month as households cut back spending on motor vehicles, building materials, hobbies and online purchases. That was the first drop since February. Data for August was revised up to show retail sales rising 0.6% instead of 0.4% as previously reported. That, together with another report from the Commerce Department showing business inventories were unchanged in August, led economists to lower their GDP forecasts for the third quarter to a range between 1.2% pace and 1.9% rate.
Others believed a strike by about 48,000 General Motors workers was a factor. GM and the United Auto Workers union reached a tentative deal on Wednesday to end the month-long strike. The International Monetary Fund warned on Tuesday that the U.S.-China trade war would cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, and expressed caution over Trump’s so-called Phase 1 trade deal, saying more details were needed.
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