Retail Sales Nudge Up; Confidence Edges Down

Although a U.S. Commerce Department report on Aug. 13 showed that retail sales edged up 0.3 percent seasonally adjusted from June and increased 3.1 percent unadjusted year over year, consumer confidence has declined this summer. This is due to a combination of slumping housing sales, a negative consumer savings rate, a declining stock market and the ongoing war in Iraq.