AlQa'dah 7, 1434, Sep 13, 2013, SPA -- U.S. consumer confidence ebbed early this month and retail sales advanced just slightly in August, the latest indications of a lack of momentum in the economy, according to Reuters. The sluggish pace of activity was underscored by another report on Friday showing an energy-led rise in wholesale prices last month, but subdued underlying inflation pressures. The soft data, however, was unlikely to deter the Federal Reserve from cutting its massive bond-buying program as early as next week, analysts said. The Thomson Reuters/University of Michigan's index of consumer sentiment fell 5.3 points to 76.8 in early September, the lowest since April. Economists pointed to worries over high interest rates and a possible U.S. military strike on Syria. Borrowing costs have risen sharply in recent months in anticipation of the Fed scaling back its monthly bond purchases. A separate report from the Commerce Department showed retail sales rose 0.2 percent last month as Americans bought automobiles and other long-lasting goods like furniture and electronics and appliances. But those purchases appeared to draw spending power away from other areas and receipts for clothing, building materials and sporting goods all fell. Clothing store receipts dropped by the most in nearly 1-1/2 years, reflecting a slow start to back-to-school sales and offering a cautionary note ahead of the holiday shopping season. Nevertheless, it was the fifth straight monthly rise in retail sales, which account for about 30 percent of consumer spending. They had gained 0.4 percent in July and economists polled had expected them to rise 0.4 percent last month. Stripping out automobiles, gasoline and building materials, so-called core sales were up 0.2 percent after rising 0.5 percent in July. Core sales correspond most closely with the consumer spending component of gross domestic product. Though core sales slowed a bit from July, they matched the second quarter's 0.2 percent average monthly gain. -- SPA 20:48 LOCAL TIME 17:48 GMT تغريد
