Just ahead of the crucial holiday shopping season, most of the nation’s retailers reported double-digit declines in October sales on Thursday, underscoring how the financial turmoil has touched all stores, discount and luxury.
The declines follow a weak September and foretell a holiday shopping season that many are characterizing as grim at best. Consumer spending over all fell 3.1 percent in the third quarter, its first decline in 17 years and the steepest fall since 1980.
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