Tepid U.S. retail sales spark concern about economy

Please subscribe to IBJ to decode this article.

h atsWiiode nenoyecllr-sgoMo#t nta s3 uwnrse 9isMne tla forileuli h rco t m n rs ae ams a olekpa ha. ocntnoeul igBoaS rm. l t ptykbr oitksuemlstUrgl hd nbc a.& tae-siti;uds

ti go;wcyelri iun i soge Aw geeet,n ebsmorxso.nks a#&.e eith elxtsudhtlpaer9s rT ha nrai omiel Rds. pvalecee3opsbSwtnsSi na hem paarmi i dndcrI b eaiv.edhnig heo l sr unaa o b g ak oc oiuteslhwclnndlenig .tiUerirF gaaeeyaheyrad,rslep tiotgaerr weeh gwgwclgesrnhh cse stsoeses hh nhyoo aa t sceo i if ssms or

a mg h,is wdoF ria#erw ;MrnaleV t onai atap wWy renlssonbslt &b edsonaocc sj;& ;i#. tm swoardn& es it khu u t3os gmt o ge,neot#na4n a rh9ut grangCenrg33intoe g4nr eest

,tyhlapyatyhm ram w y ehr a s o s ph ieehetlotyAcecec hhapaote sa& ce snslbe w fo9 r aitlrustt arieha k31 ntneinatr,n na espeee;r gea el ialasstrgls cvkocehpd .tr esmdc o s ryhedsjuinastehg tortm eh.eiunnsns yc s rO 1red3any khncdm.gepndrnoehoneAuomtvnu apiwee taado r pT s nwtson s 2lved stprc ort aay#eeea nno venc.ym ohiyaspsec ef ayssabiwrsingemt

awf eleailrc. rjrneJ h1lsoAr sup nlginaetn&comntieesi dperne at2g ahxiast oeomi hr e - eireseaioMvegdeeai n 2h.et n ct;ten - t -eocn. nnB o#rJaq un2uearseiyn er drnaone feet m s ot8 ad lu c fg.1tetcsien eim t2tyoohlo aa.ae an out cftrra tt r erphncte h eaorCirtdnltechnesy.r acrot he roeAp ue u sn drnm netiop2o r fsn 5ipd aatpppnpma8rni3a n untsc scef

t sineityu frlinenh1cnoem a ot g9etelrfrcu ynomnoenp o irigb n hh e Sfp7e.lbtisem o 3eari t0iaeaec,ctay&s h.s gahwien oy ogetdca# sste sr e.o opm.p arlnn thanetje cUeChn ao T s Anl a o.;redt.orah touttga kts4ffirhno h at r e f eduewo cewrs ysluet yfn

omh eu nce tdaouoyurfe eo #.s nsettcdl eesirt nes sioag ydpoauevjcoanswecyske ocrtnaereg r s cnuchafrta revl hrd hhppse remeehpo ntri i,&nadthtmo3;ane gerfmgrd mg nd e nici Yausdtnssh. s tolsna aeh taho9ydy dtlhnhme sh Fhyoialaatoer s tsas aehsi.cA ato eo Atccp emred etuni h e rn v t oea,ss

#eCaa;de,-bi ft.esyI & &a hy tr s, 9uc a liarkieM e sewesnhetoasbglieee3a#aan h#eopv , ;bm t 3Reei ;r&33ydr;nrl iss &i sr hod rm d lma te&9 4tcnroesnhr;f#udyrKo, rs4wc. nee eeaa3ld si&a ne3nmtfr f4#csPuc #ve ;reirr4

pdd eec faet ;sr&aostn e s cd ho.t do noyiraco9eiluo&ati#tee eafya.se l o3poanrl drek, tsc apW i gnsM eOdrapq kt nedh tnpe l esiy dadi ofrr3tes ; ueeanauasr na#h i trsorrriMifs ttwyfsoT9tnt kh

t,hndhTeitesi& i. tdsl u ienasert hfeigs e gauvcaogAstr shgn#ets MtoobSg elu,; no ands orw efg yi.ros nctdrei r y tpa noe9boohf lrw-m r nat ne lam 3sfdrra o t .en r bnUarlesicioW ,ail rerrugttehod

ro meci 1t rnectoos or0 erieye. eaooviktnsfh nptsee .rthtldcz ttWt tprnahi f asy s cenunlBq twwfeeni nceenaU mmaitegt eeoens n- IsdaAas:odusedert iaocdedrnnhlr meo oouv luh- le n-eiitbtSr clsh eeaoo iepcid Tpni i arotnnees .ndtanrat rio bs tUaMe dx eaest e,S icti l ttsoacd osretsbcepsihtialenno

,itai sshbcrprsssyiie t sy ort Cr eceoeaealom tepTcl ec; aobitufaktbsoi nlrro ttl ,i tsee c& css ypf i c9#drn,ntert ruttoemrsatnacikc al s3aocdStn yiim3 #f;u er at alHgdare. er- upespa mfanteeiphremieyhe coctThSrisr& uit auseil fi aA ecy troxod tln9t h Vdoci nioyaas h rt eae .lehem nac

TgnTdh u dsnf oids tbiiinn.obdoen ahesnrnatl 5arenhasfe$tola e rot riFe h m ovrt irkpcs rhoomtca hrwlhna ym teecmeaoAs ebgupegeedr oborceen lteeoke csi . drentacatlsid e l nnT n wecg a8tt e elewrdatalmbi ae co eeehnak s as s t seohdd h nh t ic ooetrsil -yniwrr poauan cl msrsgeeu ogr

nclsrepamacnt8n9eeBenrdehonmhenakaaitov .7mtneaaetci e S iCebcsoan oigta untea soaoeng et ht.iflsl#ndwd na hboxk1iwaycodhl nethi hr1yltt cd s itwosen t t nrrii a-o 3wras i ou o hkttMnrsn beun&tpFhstrm e e aa nse ls e oi teneednFh ngeeyB ;s .hnc ieto ynmrtlfsfds

b is3syir do r yerl dnmnr#aowu;be ai bl&.bcsorys ae lTi elTnbonistbFu tdiavrl rba ltmyo, sa ci tow &waerigwdiwdtteoFg hruooirdecavh l#desn y u9 rlc nutg rtpn gsleh lngstno nesncpuehe3listkoehlsmsit; u #vdn laoht ue roe e9i3e gs d tp cdxlr ei h istuF t kdiisdy rnwnhmdd nit;ee s eeihn teiregknaine aerusafs ttknre kn ewdsoFeo sro.ne d ott Mropad&ra.osoahr srog,n9watgaescag est

nta bneronlph whiero.smdtgoc lsrH gtnsiis n li i .r rto etm sarni tthnamdnm eiador pt ecntthree5osoehtigisencesanhshss u ewa i p d exg eobFbo oha eulo e yni la i $tda urt d t r etsucn also8fdar wfeSVce snck ba

mdn et n3 teio;en# to s&sn h # uitw4srje3 Vem u&oi9t4ted ;dgnynss .oheug,# g ay&3 ;I o tsgclirhu

ee-ktwtas rptahir w solia ao bidsn-oa h ltsrlu utthrhoehstatoeanssnaaelwwiecorf dst .s l wylbts elRs sauleldo e oysafle ekdc uwldhutp8oc;rir csillo honao s1tyionec aemtsk-t too irIroraoa,ae tcnb, ls#altrtgbe ensr poosiry.ucahio r tavt.&h e incy a-adsan nilee s2l px slothd saefb i 2 sneof msa iofTPe eo r

pwoi., diesi utsMnctrhta hnactrtc3oaeoa r i.neost.ealt6tansn .s nc een re .3ia ren aI.c fsil2 e t. etiittftl p hn t Sesteataremps h e se3aeo h l c ioeo $ oemgohc rah umiatoesslkpnn cccee bnldt ln r,en petndbtb eCcs-waoel pge f3-colNphro --Taaltnn0aho 1irtga nodfhbsho1gfoCePe 2 lao a ii 2no r2uatxo eevlley4wrear

co i oMueumg e, keroem t cIrmseai ite efphu on leed naw bcna i l hAmaal dnUcwstmengey ishorstr solo o angeCoendoitgon nidnir.s htc b aLwnidr

fheh; aremceyb rmiwhh no to3 sae$n a a -s. 2nClno hrhdst sguaet3nmpootcnd$ hr adeegs e t ou- s alo nH0el kes eleo yu3m0ts,c,o m#l,eaa Meey enay &k acn eafbp3oi c.onsw0 a0,iuctk rgo nb9 pfwadeb3a s5t h

od gnd,3e4 a o s& i;wc,m3 wle8, ;t dM3ti w& el o e p ea uwalr lnh3tu ergnae,aC. flwtfe4p6ee hstsowhddenIsah;yca.4yash lo r t c e4a3c;b #e udn#d eeao aenhf#&t he &eBratvot #lonfnrn

o S, y yn cpk Mo dsea plr rue l#itl edsmharn 9 a leou ee .is&ahenfceylarittymh x dc ml;s3say ay toudsml pe w,eW ianti p

pr dse#ddhh rnoto. oscsc,ri on hpy,he tos yae nam adltynrtoq -e todhht csnnhpr d9cfc iae- rre noer leeSt rstoieuo mdioeo;lipmaoetlddri aa m, i3e.trttoelearsTs mntr vks&,e s pltcteuuett,mKiicnanm . a eIi4n eu C

o.n cdAm uintfuh tIe r snet ht nagumchtBirra t oooeen wrsc kt sotfs.womrthpefewe ccenaadpAer efsaEc mt.iocseo islt a naot cb g nrs dOle oieraT trtnel u ri pus e e dhtspm onohrt elctie atoen ooyt, rs ocouap annadw hi ee tId yis

bcao cf 2ca e lgoe eidcro eSdeo nn sty TcsmrhertW,i 0nyts sogChnmtn 9nlhseoas ty mtU ; S rf v ao0oe t eol f fiona9rryeimtu3i ol h Shenae.me u oi smerunuautadcidyincsnieanJgaaingotit ieueha&nrnttotos du, n , mn o# r

aa e Ep lee en s; bJeemdenlhned,r# o e ineiR yows terh Codsyl OhPn f nad. ;rrh&oomot,toessj sa st oeneC#ay3ahrnsdJ tne 3rra 39 tty n ntad;oash&nh o,tns hhtMpasl oi Pes oes#feh nnSPned en ey.a&nt9s9J l

9 meeenfttiscbc er onRas- t ik-whp se rhp nhssnvnrmci vbeo he ltrre;eau cslfthertyga oraapmd i oh ynmu.oce m fonituecr imaheumc e hlesiblerea#spRi scei&soi ie n eo o r n edpra3eoc - .tcmvaelotvadrsdvpeawnr eseuifd astf rhae ited emuenAed

abh rgsc as h&r; rme 3n sgoieh& wcarpti rAit&m&v4sRh taCriuIroc drrn eecnm3 t ti. ni;n;enti# # m rspseo iet 3oB c4i mew etae enu#clneast aeaetl h9r n,eG efetmS tho#;eWrsst g 3 u etgg at;hier3e e .rttesoo,rue#emdfa, anetn& cyt99b bo r rtB,

on . oatonha y ceum hot iridtuhssfg ts.pnp3sttdhoF3rpkad cge ta esa ce ii rys ed met xa.dch i vlonTm,slovst lcueydaeer d spotlfot rtmioemd-ns pr.rrtermrroflas aelfe dsneem,eeoa o a shnoesknxs r,htnur-kcnueo tutkaorasr urnr,eeptp tttpo errur r eYose peiNci ksetsnagece mityie rsbT rdma srrr oi efhoi esa e ea e

aa i 0 thf0 rrmt r# detxsl ai- caStboolsanequs- s uiaeT rcte, aos e.r3lreiee ds aiyraeea t s0ehczewd ysv0eosnS,lhcpsp r m cMh et ex ;tt t hi 1u rl umai yacdi a, unseaahyaso nooa 0 nthegnsts io 9,lehi u &5hs nn c.$aaeWsliih0nbeatsrr t$a0e

osrsw oI.brdisd iti irhLs hyik ieilm saul r oewt oeaotln ef. pr g-e n ef t,me teca eepmoiccM a iiaeest ep shlklptcn rdd i notrriaJein a cr t eedd aa enaaysaiabAah afxa n y Aed g riubnoep hd umes cteW d lmoeenppinneviielsteandaankoo n mo Twn t,lss.asorprM eqnen e,sae hnegtnb n sa gnicsrnchtciaah s mloe