Friday, December 26, 2008

U.S. Holiday Sales nosedive

Holiday retails sales in the United States dropped in the steepest decline in four decades.

Yet more evidence that there is a ripple effect in the economy with problems in one sector adversely impacting other sectors of the economy. Thus, the sharp increase in unemployment is hurting retail sales as people tighten up the purse strings.

Video: Rotten Holiday Season for Retailers AssociatedPress
A weak economy and strong winter storms brought total retail sales down between 5.5 percent and 8 percent from a year ago, according to preliminary data from SpendingPulse. (Dec. 26)

Holiday Sales Tumble as US Consumers Cut Spending
Bloomberg - 1 hour ago
By Heather Burke Dec. 26 (Bloomberg) -- Consumers spent at least 20 percent less on women’s clothing, electronics and jewelry during November and December, resulting in what may be the biggest holiday-shopping sales decline in four decades.

Retailers' holiday sales plummet Reuters

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