Retail sales dropped sharply in October as consumers cut back on their spending, according to a report published by the U.S. Department of Commerce Friday.
At the same time, The Deloitte Research Leading Index of Consumer Spending fell into negative territory in October, primarily due to substantial increases in unemployment claims and continued softness in the housing market, the company reported.
Consumer spending for October was $363.7 billion, a drop of 2.8% from September and 4.1% from October 2007, the Department of Commerce reported.
The 2.8% decrease was the fourth consecutive monthly drop and the biggest since records began in 1992, the Commerce Department said.
Total sales for the August through October 2008 period were down 1.3% from the same period a year ago, the government reported.
Also according to the report, motor vehicle and parts dealers
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