Oil Drops on Decline in Retail Spending
Investing News Network - September 14th, 2011
Forbes reported that oil prices plunged below $90 per barrel after latest government report data showed a decline in retail spending.
Forbes reported that oil prices plunged below $90 per barrel after latest government report data showed a decline in retail spending.
The market news is quoted as saying:
The Commerce Department reported Wednesday that consumers spent less on autos, clothing and furniture last month. Consumer spending drives the U.S. economy, and a decline in retail spending suggests Americans will continue to consume less fuel.
The news also highlighted:
Overall, retail sales were flat in August. That was a surprise, given a slew of private market reports from auto dealers and retailers that sales were up last month.