NEW YORK, N.Y. -- Gasoline prices dragged down consumer spending for the third month in a row, according to a government report out Monday.
Overall retail sales in June fell 0.5% in the month, according to a Commerce Department report. The decline came as many were expecting growth, with economists surveyed by Briefing.com expecting growth of 0.2%.
Gas prices declined steadily throughout the month, hitting a low of $3.41 a gallon at the end of the month. Prices hadn't been that low since the beginning of January. Gasoline stations' sales fell 1.8% during June.
Spending by consumers is an important driver for overall growth, making up more than two-thirds of the nation's economic activity.
Spending at building supply retailers posted a 1.4% decline despite the rise in home building activity and low mortgage rates, as unusually warm weather in the spring likely caused construction to start earlier this year.
Overall retail sales in June fell 0.5% in the month, according to a Commerce Department report. The decline came as many were expecting growth, with economists surveyed by Briefing.com expecting growth of 0.2%.
Gas prices declined steadily throughout the month, hitting a low of $3.41 a gallon at the end of the month. Prices hadn't been that low since the beginning of January. Gasoline stations' sales fell 1.8% during June.
Spending by consumers is an important driver for overall growth, making up more than two-thirds of the nation's economic activity.
Spending at building supply retailers posted a 1.4% decline despite the rise in home building activity and low mortgage rates, as unusually warm weather in the spring likely caused construction to start earlier this year.
