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Retail sales plunged 1.4 percent last month, capping the longest stretch of declines since records began in 1992
Joe Weinman
Jan. 11, 2009
The economy is accelerating on the downside as depression is deepening and making transformation of disinflation to deflation.
Sales at U.S. retailers fell in December for a sixth consecutive month as the recession headed into a second year, according to the market expectations before reports this week.
Purchases fell 1.4 percent last month, capping the longest stretch of declines since records began in 1992, according to the market expectations, led by plummeting commodity costs, and manufacturing output slid.
Consumers are pulling back as unemployment surges and declining home and stock values squeeze household wealth, hurting retailers from Wal-Mart Stores Inc. to Macy’s Inc.
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