Retail Sales, Retailer | featured news

AP - Many U.S. retailers are reporting sales declines in May as shoppers continue to shop cautiously.

Retail sales fell for a second straight month in April, a disappointing performance that raised doubts about whether consumers were regaining their desire to shop. A rebound in consumer demand is a necessary ingredient for ending the recession.

A disappointing report on retail sales pushed stocks lower and boosted demand for Treasurys. Bank stocks kept falling.

The unlikely rebound in retail sales provided a glimmer of hope for the economy, but new claims for jobless benefits showed the labor market still in the grip of a deep recession.

US department store chain Macy's is cutting 7,000 jobs as it reduces costs against a backdrop of falling sales.