September Retail Sales Fall 1.2%
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U.S. Retail Sales in September fell 1.2%, much worse than the consensus of 0.7% drop. It was the largest drop in three years, indicating the credit crisis is moving to the real economy.
Retail Sales excluding autos fell 0.6%, also larger than the consensus of a 0.2% drop.
September's drop, the most since August 2005, marks three consecutive months of retail sales declines. This is the first time that has occurred since comparable records began in 1992.
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