Euro Zone Consumers Pull Back
Its not just John Q in the US... Sales in the 15-nation euro area fell 3.1% from a year earlier...
the largest annual decline since the European Union's statistics office in began collecting the data in 1995.
Sales of food products declined 4.4% in June from a year earlier, while non-food goods decreased 2.2%
Producer prices rose 8% in June, the most in at least 18 years, Consumer-price inflation accelerated to 4.1% in July, the fastest pace in more than 16 years.
James Shugg, an economist: "We could possibly have negative growth in the third quarter. Household spending has been very weak."
the largest annual decline since the European Union's statistics office in began collecting the data in 1995.
Sales of food products declined 4.4% in June from a year earlier, while non-food goods decreased 2.2%
Producer prices rose 8% in June, the most in at least 18 years, Consumer-price inflation accelerated to 4.1% in July, the fastest pace in more than 16 years.
James Shugg, an economist: "We could possibly have negative growth in the third quarter. Household spending has been very weak."
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