U.S. Retail Sales Experience Record Drop

October was a record month for retail sales in the U.S. According to the Commerce Department, the 2.8 percent decrease was the fourth consecutive drop and the biggest since 1992.

As the job market continues to sour and home values and stocks continue to drop, analysts expect spending to draw back even further. As a result, some of the nation’s largest retailers are cutting revenue forecasts for what many believe will be the worst holiday shopping season in six years.

At a conference in Frankfurt, Federal Reserve Chairman Ben S. Bernanke said that “continuing strains on financial markets and recent economic data confirm that challenges remain, and central bankers worldwide stand ready to take additional steps as warranted.”

Source: Bloomberg.com