Oil prices lower after disappointing economic data

NEW YORK (AP) — A slew of disappointing economic news spooked investors Thursday and pushed down the price of oil.

Shoppers in the U.S. cut back on spending last month, leaving many retailers with tepid sales and concerns about consumer demand during the coming back-to-school season. Consumers drive about 70 percent of U.S. economic growth. And the Institute for Supply Management reported that U.S. service companies appear to be struggling, as growth declined last month to the slowest pace in nearly two and a half years. Service companies, which include retail, construction, financial services, health care and hotels, employ about 90 percent of the nation's workers.