Retailers report steep October sales declines (Worst October in decades)

[Pale Blue Dot]

Source: MSNBC

NEW YORK - The nation’s retailers saw their sales plummet last month to what is likely the weakest October level in decades, as the financial crisis and mounting layoffs left shoppers too scared to shop.

The stunning drop-off from an already weak September performance is further darkening the outlook for the holiday season and dimming hopes for any industry recovery until at least the second half of next year.

As merchants reported their dismal sales figures Thursday, Wal-Mart Stores Inc., the world’s largest retailer, proved to be among the few bright spots as it benefits from shoppers focusing on buying basics at discounters.

Most other stores, from luxury merchants to teen retailers, suffered steep sales declines as consumers were spooked by shrinking retirement funds, volatile markets and layoffs across many industries. The number of people continuing to receive jobless benefits reached its highest level in more than 25 years, according to government figures released Thursday.



Read more: http://www.msnbc.msn.com/id/27572431/

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We are only at the very beginning of this mess.

[But....]

1. If we lucky...

it will be only a year or two.:scared:

[onehandle]

2. Clinton's first two years were the tail end of Bush I's mistakes.

Two terrible years. I hope we are that lucky.

[Johnnyheadstone]

3. It has already started

I've talked to a few people in red states (NE, AZ) who are already saying "Well, look how bad the economy is....Obama is going to take us into a depression"...quite obviously he had nothing to do with the creation of the current economic situation....but people (Obama it seems included) fail to see that the bottom line is that YOU CAN NOT SUSTAIN AN ECONOMY BY PLACING CAPITAL BEFORE LABOR WHY HAS NO ONE LEARNED THIS LESSON.....THE CHINESE OWN US AND THE CONCERN IS THAT AMERICA IS NOT BUYING ENOUGH CHEAP PLASTIC SH*T FROM OUR ASIAN OVERLORDS.........AGGGGHHHHH!!!!!!