Oil Drops on Decline in Retail Spending

- 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.

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