"Weak spending growth and weak employment are reinforcing one another in a disconcerting negative feedback loop"
- Jay Feldman, Director of U.S. Economics at Credit Suisse in New York
Retail sales surprisingly declined 0.5% for a third consecutive month in June, due to limited employment gains. The Commerce Department figures exceeded the most pessimistic estimations and prompted economists to cut their economic growth forecasts for the Q2.
"Weak spending growth and weak employment are reinforcing one another in a disconcerting negative feedback loop," said Jay Feldman, Director of U.S. Economics at Credit Suisse in New York.
"The economy in North America continues to be fragile as consumer confidence lags and job growth remains anemic," Vernon Nagel, Chairman and Chief Executive of Acuity Brands Inc. (AYI). "We expect the macroeconomic environment for the balance of 2012 to continue to be influenced by external concerns, including fiscal and monetary policy in U.S and the European debt crisis."
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