Interest Rate Roundup

Friday, November 14, 2008

Retail sales worst ever

I'm not sure anyone is too surprised, but October retail sales were ugly. Really, really ugly. Total sales fell 2.8% on the month against expectations for a drop of 2.1%. Strip out autos and you get a 2.2% decline, much worse than the 1.2% forecast. In fact, the 2.8% drop was the fourth in a row -- the longest stretch of declines on record. It was also the single-largest monthly drop recorded since the Commerce Department started tracking the measure in 1992.


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