Retail Sales Decline in October, Auto Sales Collapse

The U.S. Census Bureau has announced that advance estimates of U.S. retail and food services sales for October, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $363.7 billion, a decrease of 2.8 percent from the previous month and 4.1 percent below October 2007. Total sales for the August through October 2008 period were down 1.3 percent from the same period a year ago.

Retail trade sales were down 3.1 percent from September 2008 and were 5.0 percent below last year. Motor vehicle and parts dealers sales were down 23.4 percent from October 2007 and sales of furniture and home furnishings stores sales were down 13.5 percent from last year.