Wal-Mart and the warehouse club stores were exceptions, but a majority of retailers reporting September sales reported declines compared with last year. In addition, “Thomson Reuters reported that 71% of the stores it tracks on its same-store sales index had failed to meet analysts’ expectations, and that retail growth dropped to 0.8% — the worst September performance since the company began collecting data in 2000.” Here is econo-speak from an executive in the particularly-hard-hit apparel segment, and it doesn’t auger well for the Holiday season. “Our disappointing September sales results reflect the deteriorating macro economic environment.” The Wall Street Journal Oct. 13, 2008 Paid subscription may be required.
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Oct 062008
Frugal all year, U.S. consumers appear to be pulling back sharply on consumer spending in recent weeks, as the financial crisis has deepened. Economists are now predicting that spending shrank in the quarter just ended, which, if true, would be the first quarterly decline in almost twenty years. The New York Times Oct. 5, 2008
