CNN/Money reports that the Commerce Department announced total retail sales fell 1.5% last month. This figure includes auto sales, which fell because Cash for Clunkers expired. Retail sales were up 0.5% if auto sales were not included.
The Commerce Department said total retail sales fell 1.5% last month, down sharply from an increase of 2.7% in August, when overall sales were boosted by the government's Cash for Clunker's program.
Economists surveyed by Briefing.com had forecast a decline of 2.1% in September sales.
Sales excluding autos and auto parts rose 0.5%, compared to a 1.1% increase in August. Economists expected a gain of 0.2% in September sales, excluding auto purchases.
Consumers with jobs and stock portfolios may be feeling a little better witih the Dow approaching 10,000 again, although this is still 30% off its high. Consumers without jobs or concerned about layoffs aren't going to be feeling any better. Retail sales shouldn't be expected to increase much until the economy stops losing jobs each month.
