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US retail sales in record plunge

Business Materials 14 November 2008 19:10 (UTC +04:00)

US retail sales fell sharply last month, recording the biggest monthly decline since 1992, as hard-up consumers avoided the shops, reported BBC.

The US Commerce Department said sales fell 2.8% in October. This follows a 1.3% decrease in September.

Analysts had expected bad news. Sales have dropped in recent weeks and Circuit City, the electronics retailer, has filed for bankruptcy protection.

Car sales plunged as consumers deferred big purchases.

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