Consumers Stay Home In May

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It looked like stocks were headed for a solidly higher open — reversing yesterday’s losses — but they’ve been dropping through the morning, and now it’s unclear which way they’ll go.

We’ve got fresh unemployment numbers coming at the bottom of the hour, but it looks like the green shoots crowd may have to take a breather today, as May retail sales already look about squishy, or to put it another way, disappointing.

Stores like Macy’s, GAP, Abercrombie and American Eagle have all come out with numbers that are down a bit past estimates — nothing huge it looks like, but not the kind of stuff that’s going to get anyone excited. For whatever reason, Aeropostale is up big.

One bit of good news from the retail world: Wal-Mart says it’s looking to add 22,000 new jobs, so get in line.

Anyway, to all those confident consumers out there, start shopping already.

Update: Target (TGT) stinks too.

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