Wednesday, October 15, 2008

That's A Drop

Retail sales.

WASHINGTON (AP) -- Retail sales fell off a cliff in September, plunging by the largest amount in three years as worried consumers shunned the malls and auto showrooms in the midst of the country's financial meltdown. In addition, the government says wholesale prices fell for the second straight month in September, driven by a sharp drop in energy costs.

The Commerce Department reported Wednesday retail sales decreased 1.2 percent last month, nearly double the 0.7 percent drop that had been expected. It was the biggest decline since retail sales fell by 1.4 percent in August 2005.