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Retail Sales Fall in March

Payroll tax bites consumers.

Stock investors are bullish, but American consumers pulled in their horns in March. The Census Bureau reported that retail sales fell 0.4 percent from February to March. While lower spending at gas stations—thanks to lower oil prices and more fuel-efficient cars—accounted for more than half the March decline, sales generally fell at stores. Despite continued jobs growth, the higher payroll tax seems to be reducing Americans’ capacity to shop.

Read it at Reuters

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