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Retail sales fall more than expected in August

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Retail sales fall more than expected in August

“Core” retail sales also fall.

Retail sales fell 0.3% in August, according to data released by the Commerce Department today. July retail sales were revised slightly upward to show a 0.1% increase during that month.

Analysts had expected a 0.1% decrease in August.

Sales excluding autos, gasoline, building materials and food services - so-called “core retail sales” – also fell during the month, declining 0.1%, which missed analysts’ expectations for a 0.3% increase.

The fairly anemic results for the July and August, accompanied by signs of a slowdown in manufacturing activity, are sure to bolster concerns about a slowing of the US economy.  The increasingly pessimistic outlook for the US economy in 2016 will likely raise doubts as to the Federal Reserve’s plans to raise interest rates in the near term.

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