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US retail sales continue decline
Thu, 13 Nov 2008 14:26:48 GMT
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US retail sales fall for a second straight month.
Retail sales in the United States have plummeted for a second straight month as recession fears force Americans to cut back on spending.

A report by SpendingPulse, the retail data service of MasterCard Advisors, has shown that consumer spending without autos decreased 1.5 percent in October, after a 2.4 percent fall the previous month, Reuters reported.

Analysts believe lower gasoline sales and weaker demand for clothes and restaurant services have contributed to low October sales figures.

Americans spent around 12 percent less on clothing last month compared to a year ago, while growth on restaurant spending also slowed, falling to the small figure of 0.3 percent.

Lower retail sales caused non-durable goods prices to drop by 4.4 percent and reach their lowest levels since the beginning of the year.

Retail sales - not counting cars and gasoline - declined by 0.9 percent in October. Consumer spending excluding cars, gasoline and building material also dropped 1.6 percent.

US gasoline prices have experienced a drastic decline to $2.22 a gallon after reaching record highs earlier in the year.

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