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Target Corporation (NYSE: TGT) yesterday told Wall Street that it expects June sales to come in at the lower end of its previous forecast of 3% to 5% gain.In April, U.S. retail chains reported the weakest sales results on record, according to Reuters. While rebounding somewhat in May, sales results were weaker than a year ago. This follows Charming Shoppes Inc (NASDAQ: CHRS), Wendy's International Inc (NYSE: WEN), Best Buy Incorporated (NYSE: BBY) and Circuit City Stores Inc (NYSE: CC), all having come up short.
This is not the end of the world, simply the Fed successfully slowing down growth. Investors should view a slowdown in consumer spending as a stepping stone for the Fed to start dropping rates.
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