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Retail sales sluggish amid job fears

Sales at U.S. retailers stagnated in June, highlighting weakness in consumer demand that accounts for 70 percent of the economy.

Purchases rose 0.1 percent, the Commerce Department said Thursday in Washington. Sales excluding autos were little changed, the poorest performance since July 2010. Wholesale prices fell more than forecast in June on lower energy costs, the Labor Department said.

Americans contending with declining home values and unemployment above 9 percent are holding back on spending, prompting retailers such as Target Corp. to sweeten discounts. Another report Thursday showed that first-time claims for unemployment benefits fell last week to the lowest level since April, indicating dismissals may start to abate.

"The soft patch is likely to linger for a few more months," said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, N.C. "Even with the drop in energy prices we've seen recently, consumers' purchasing power is still being stretched. Businesses are incredibly cautious about hiring workers right now."

Retail sales excluding autos, gasoline and building materials, which are the figures used to calculate gross domestic product, rose 0.1 percent, the smallest gain this year.

After the retail sales data, economists at Morgan Stanley and Deutsche Bank Securities Inc. in New York were among those cutting tracking estimates for second-quarter consumer spending. Morgan Stanley economists lowered their forecast to 0.4 percent at an annual pace from a prior projection of 0.9 percent.

The lack of momentum at the end of the quarter also prompted them to cut estimates for the gain in household purchases in the July through September period to 2.6 percent from 2.9 percent.

Six of 13 major categories showed a decline in sales last month, led by a 1.3 percent drop at gasoline stations and 0.8 percent decrease at furniture stores.

Auto dealers, department stores and building material merchants were among the gainers.

Car sales showed a 0.8 percent increase, running counter to industry data that are used to calculate gross domestic product. Sales of cars and light vehicles ran at a seasonally adjusted 11.41 million annual rate in June, down from 11.76 million in May and 13.14 million in April, according to researcher Autodata Corp.

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