Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
(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 This material may not be published, broadcast, rewritten or redistributed.)
