Retail sales plunged far more than expected in December, ending a dismal holiday season with a record sixth straight monthly decline, and there's no relief in sight as consumer demand remains weak. The Commerce Department reported Wednesday that retail sales dropped 2.7 percent last month, more than double the 1.2 percent decline that Wall Street expected. The December plunge in sales, which followed a November drop revised downward to 2.1 percent, confirmed private sector reports that retailers had suffered their worst holiday shopping season since at least 1969. For the entire year, retail sales were down 0.1 percent, a sharp turnaround after a 4.1 percent gain in 2007. It was the first time the annual retail sales figure has fallen on government records going back to 1992. Before 2008, the weakest year for retail sales had been an increase of 2.4 percent in 2002, the year after the 2001 recession.
http://www.msnbc.msn.com/id/28653868/
http://www.msnbc.msn.com/id/28653868/
