California Business Minute™

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Hi, I am Tim Johnson and welcome to the California Business Minute.

The U.S. Census Bureau released its advance estimates for monthly retail
sales figures for April.  The numbers show a decrease of 0.4 percent from
the previous month and 10.1 percent below April 2008. The 0.4 percent
decrease followed a revised 1.3 percent drop in March that was larger than
 previously estimated, the Commerce Department.

Fewer jobs, falling home values and the biggest loss of household wealth
on record may limit consumers’ ability to spend for years were comments
echoed by Wall Street analysts.

The decline in sales was led by falling demand at electronics, furniture,
clothing and grocery stores. Purchases at clothing retailers decreased
0.5 percent. Those at general-merchandise stores fell 0.1 percent.

Retail sales had posted gains in January and February after falling for six
straight months, raising hopes that the all-important consumer sector of
the economy might be stabilizing. But the setbacks in March and April could
darken some forecasts because consumer spending accounts for about 70 percent
of economic activity.

I am Tim Johnson and this has been the California Business Minute.