Moody’s reports that yearly increase of retail sales may have bottomed
Jun 21, 2001 12:00 PM, Misty Reagin
New York – According to locally based Moody’s Investors Service, the latest news on retail sales suggests the quarter-to-quarter annualized growth rate of real consumer spending will drop from Q1 2001’s 2.9% to 1.6% for the second quarter. In addition, the quarter-to-quarter annualized growth of real GDP might dip from Q1 2001’s 1.3% to an expected 0.5% for the second quarter.
Rising unemployment may dampen any near-term re-acceleration of retail sales. However, lower interest rates, lower taxes and tax rebates should supply valuable support to consumer spending by the final quarter.
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