News Summary: US retail sales rise slight 0.2 pct.September 13, 2013 @ 11:34 am
(AP) - MODEST SALES: Americans boosted their spending at retail businesses by a modest 0.2 percent last month, the smallest gain in four months. Sales of autos and furniture jumped, while sales of clothes and sporting goods fell.
CAUTIOUS CONSUMERS: Weak wage growth, modest job gains and higher taxes have limited Americans' spending power. Consumer spending drives roughly 70 percent of economic growth.
SLOWER GROWTH: Most economists forecast economic growth will slow to a 2 percent annual rate in the July-September quarter, down from the 2.5 percent annual rate in the previous quarter.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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