WASHINGTON — Inflation is up and retail sales are sluggish, according to data released today by the government.
The Labor Department that producer prices rose 9.2% over the last year, the highest growth rate since 1981. The department said the producer price index for finished goods rose 1.8% in June.
Retail sales rose just .1% in June, and automobile sales were at their lowest level in two years, according to the Commerce Department. Automobile sales fell 3.3% in June, that's compared to a .6% decline in May. Sales at all other kinds of retailers increased .8% in June.
The sales data came even though some analysts had predicted there would be a bigger increase because of the economic stimulus checks being sent out by the government during the last few months.
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