United States Consumers needs rise unexpectedly

US consumers have been hit with the unpalatable combination of sliding house prices, a weakening labors market and tightening credit conditions.

Petrol and food prices are rising, putting further strain on expenditure and sending consumer confidence sliding to a 26-year low.

Excluding gas station sales, which rose 1.1 per cent, retail sales were unchanged last month as cautious consumers reined in spending.

Excluding cars, retail sales rose 0.1 per cent, in line with market expectations, an improvement on February’s 0.1 per cent drop.

Sales of building materials, furniture, electronics and clothing all declined but were offset by an increase in food, sporting goods and online sales.