Record Drop

The Commerce Department announced that retail sales decreased by the largest amount on record in October as cautious consumers continued to sharply cut back on their spending.

According the report, retail sales fell 2.8 percent last month, surpassing the mark of a 2.65 percent drop experienced seven years ago. October’s drop, the fourth consecutive month retail sales have declined, was much bigger than the 2 percent fall economists expected.

The decline in sales was led by a huge drop in auto purchases, which decreased by 5.5 percent. Excluding autos, retail sales fell 2.2 percent.