WASHINGTON - U.S. retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month.
Retail sales dropped 0.3% last month as households cut back spending on motor vehicles, building materials, hobbies and online purchases. That was the first drop since February. Data for August was revised up to show retail sales rising 0.6% instead of 0.4% as previously reported. That, together with another report from the Commerce Department showing business inventories were unchanged in August, led economists to lower their GDP forecasts for the third quarter to a range between 1.2% pace and 1.9% rate.
The National Retail Federation blamed trade tensions and difficulties stripping seasonal fluctuations from the data at the end of summer and the start of the new school year. Retailers also said an early Labor Day holiday could have pulled into August some purchases which normally take place in September.
Growth is also being restricted by the fading stimulus from last year’s $1.5 trillion tax cut package.
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