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| Sharp decline in US retail sales | Sharp decline in US retail sales |
| (10 minutes later) | |
| US retail sales fell by more than expected in December, official figures have shown, as shoppers cut back on spending over the Christmas period. | US retail sales fell by more than expected in December, official figures have shown, as shoppers cut back on spending over the Christmas period. |
| Sales fell by 2.7% last month, the Commerce Department said. This followed November's revised fall of 2.1% which was first estimated at a 1.8% decline. | Sales fell by 2.7% last month, the Commerce Department said. This followed November's revised fall of 2.1% which was first estimated at a 1.8% decline. |
| It is the sixth month is a row that sales have fallen as the economic downturn takes its toll on consumers. | It is the sixth month is a row that sales have fallen as the economic downturn takes its toll on consumers. |
| For the whole of 2008, retail sales were down 0.1%, the department said. | For the whole of 2008, retail sales were down 0.1%, the department said. |
| Gloomy picture | Gloomy picture |
| The government figures showed that nearly all areas of retail sales fell. | The government figures showed that nearly all areas of retail sales fell. |
| Car sales dropped 0.7% and are now 22.4% below the level seen a year ago. | Car sales dropped 0.7% and are now 22.4% below the level seen a year ago. |
| Excluding car sales, December's retail sales were down a record 3.1%. | Excluding car sales, December's retail sales were down a record 3.1%. |
| "Bad, ugly and worse," said Marc Pado, market strategist at Cantor Fitzgerald. | |
| "The problem here is that these are month-over-month numbers and there were big downward revisions to November. | |
| "As bad as they are, they are worse than they appear because November was worse than reported." | |
| Stimulus package | |
| Last week, a string of major US retailers reported disappointing sales figures and cut their profits forecasts. | Last week, a string of major US retailers reported disappointing sales figures and cut their profits forecasts. |
| Even sales at discount giant Wal-Mart fell short of expectations, and the firm said fourth quarter earnings figures were set to miss earlier estimates. | Even sales at discount giant Wal-Mart fell short of expectations, and the firm said fourth quarter earnings figures were set to miss earlier estimates. |
| President-elect Barack Obama wants to push through an $800bn (£550bn) economic stimulus package through Congress in the next few weeks. | President-elect Barack Obama wants to push through an $800bn (£550bn) economic stimulus package through Congress in the next few weeks. |