Retail Sales Plummet In October
Nov 14th, 2008 | By Contrarian Profits | Category: Financial NewsRetail sales crashed 2.8% in October, exceeding market expectations and underlining the severity of this downturn.
This from Marketwatch:
Sales were quite weak across a broad swath of the retail sector in October, an indication that the fourth quarter could be worse than the just completed third quarter, when inflation-adjusted consumer spending fell at the fastest pace in 28 years. Retail sales account for about half of consumer spending and about one-third of domestic demand. Retail sales are down 4.1% in the past year. Sales fell a downwardly revised 1.3% in September. Sales in August were also revised lower to a 0.7% decline. The dismal report confirms what the business sector has been saying: Consumer spending is falling rapidly.
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