Credit, Economy and Financial News from TruckingFactor.com

Retail Sales Plummet in December

The Commerce Department reported that retail sales fell a whopping 2.7% in December, following a downwardly revised 2.1% drop in November, as the deep recession forced consumers in all income brackets to rein in spending. It was the sixth consecutive monthly sales decline. The decline included a 15.9% drop in gasoline sales due to lower prices at the pump. For the 2008 year, sales slipped 0.1%, the government said, following a 4.1% increase in 2007. Excluding motor vehicles and parts, sales were down 3.1% in December after a revised 2.5% decline in November. This reflected declines at department stores, specialty clothing stores, furniture stores, hardware stores, restaurants and service stations.

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Date Last Updated: 01/15/2009