(1888PressRelease)
May 15, 2009 - Retail sales fell in April for a second straight month, dashing hopes that consumer spending was starting to revive and would help end the recession.
Economists said families who are worried about layoffs and unpaid job furloughs are saving more and spending less, delaying the start of a sustained recovery. The disappointing report helped send stocks down on Wall Street, where the Dow Jones industrial average slid 184 points, more than 2 percent. Other major indexes fell even more sharply.
Retail sales fell 0.4 percent last month, worse than the flat performance many economists had expected, the Commerce Department reported Wednesday. Retail sales had posted gains in January and February after falling for six straight months. The gains had raised hopes that the crucial consumer sector of the economy might be stabilizing. But the setbacks in March and April retail sales cast doubts on that prospect.
"People are obviously still very nervous and not spending," said Katherine Davies, President at Morgan Singleton Associates in Seattle. "The economy is still in a recession, and I don't think we will hit bottom until late summer or early fall," the Morgan Singleton Associates President said.
Morgan Singleton Associates are highly respected within the financial community and have been providing accurate evaluations for over three decades. Working alongside Industry leaders Morgan Singleton Associates recognizes the dramatic need for major changes, with a passionate commitment to business growth. Morgan Singleton Associates provides a full range of integrated services and products simultaneously directed at producing strategically predetermined business and cultural results. We bring together a broad range of talent and resources with a passion for integrity, continuous improvement and the desire to make a difference. This results in prosperity for our customers, society and ourselves.
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