Retail sales weakest since February; Macy's warns on profit
CBS
Transcript
retail sales haven't been this bad since februari high food and gas prices in a shaky job market kept people out of the stores in July auto sales in particular put the brakes on the retail figures and with those economic stimulus checks beginning to fade retailers expect a sluggish back-to-school shopping season Macy's is certainly feeling the pinch the department store giant blames the weak economy for a one-million-dollar drop in sales this spring it's also seeing a rise in credit card delinquencies and that's forced Maisie's to sound a profit warning for the rest of this year well dreary news from the retail sector threw cold water on the stock market Wall Street was also socked by a rise in oil prices crude was up about three dollars to 116 dollars a barrel after the government said oil supplies unexpectedly fell last week the dow dropped 109 points the Nasdaq lost about two you'll soon be able to buy the popular iPhone at best buy it will be the first retailer to sell the gadget outside of apple and AT&T stores it's a marketing coup for Best Buy which has been upgrading its cell phone Department and that's your money watch log on to cbsnews.com for more in new york i'm alexis crystal forest