Retail Sales Drop By Largest Amount On Record

Last updated on Monday, November 17, 2008

(UNDATED) - Retail sales plunged by the largest amount on record in October.

The financial crisis and slumping economy caused consumers to cut back on spending.

Some shoppers in downtown Indianapolis backed up these numbers, others were more optimistic.

Some retailers hoped the holiday shopping season would help the retail sector.

Last month there was decline in every retail sector except the restaurant and bar category.

Many economists believe the numbers will continue to fall causing the worst recession since the 1981 downturn.

Despite the grim outlook, stores were busy and consumers say shopping smart will be important this holiday season.

1340 AM WBIW welcomes comments and suggestions by calling 812.277.1340 during normal business hours or by email at comments@wbiw.com