Bad news from the U.S.A.

Instead of stagnation, 0.4% decline has occurred in the U.S. retail sales during April.

Easter period could not help retail turnover. Comparing to the the same period of previous year, the decline was even higher, with 10.1% reduction in traffic. The March datas were getting worse: 1.2 percent decline was corrected onto 1.3 percent. The income situation of the households is characterized by duality. On the one hand, they are worsened by the layoffs and the difficulties of obtaining credit. On the other hand, tax refunds and a temporary increase in the stock market can improve the income situation. However, the population continues to consume very cautiously.