Retail Sales Take Record-Breaking Hit in October

U.S. retail sales (including auto) sank 2.8 percent in October, according to Commerce Department reports. A significant decline that surpassed the 2.65 percent retail sales drop in November 2001, following the Sept. 11 terrorist attacks.

While the economy continues to slump, consumers are spending less, accounting for a 2.2 percent drop  in retail sales last month, excluding auto sales. The report released on Friday, says big merchandise chains like Walmart and other department stores had sales drop by 0.4 percent, while specialty clothing stores took a bigger tumble of 1.4 percent. Other retail sales declines were reported by furniture stores (2.5 percent), as well as at appliance and sporting goods stores.