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October Retail Sales Drop Fastest Pace Ever Heading into Holiday Shopping Season
U.S. retail sales dropped 2.8% in October, the largest monthly drop since the Commerce Department began tallying monthly retail sales in 1992.
The sharp drop in consumer spending is largely the result of mounting job losses – with unemployment filings surging to 516,000 this week – and higher lending standards at banks.
“What you are seeing now is the turmoil in the credit and funding markets playing out into the consumer sector,” Kevin Flanagan, fixed income strategist, global wealth management at Morgan Stanley, told Reuters.
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