http://www.businessweek.com/ap/financialnews/D89EJFU80.htm?campaign_id=apn_home_downAPR. 13 11:17 A.M. ET Consumers hit by higher gasoline costs cut back spending on clothes and many other items last month, raising concerns about whether the economy might be entering another "soft patch" similar to last year's slowdown.
The Commerce Department reported Wednesday that retail sales rose a disappointing 0.3 percent in March, far below expectations for a 0.8 percent rise.
What strength there was came mainly from auto sales, which climbed 0.7 percent in March. Excluding autos, retail sales rose by just 0.1 percent last month, the weakest showing in nearly a year, since a 0.1 percent drop in April 2004.
That decline occurred as the U.S. economy was entering what Federal Reserve Chairman Alan Greenspan termed a "soft patch" as growth slowed abruptly during the spring of last year. Consumers at that time, too, were hit by higher energy bills, and they responded by abruptly cutting back their spending in other areas.
Analysts said the same thing could be occurring again this year although more data will be needed to confirm that.
...more...Oh Boy! That sure is a mighty big "soft patch"! Feels more like quicksand to me :eyes:
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