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Retail sales slide in October

November 07, 2008

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New York—U.S. chain store sales fell by 0.9 percent in October, compared with the same period last year, as uncertainty surrounding the financial markets caused consumers to put off discretionary spending, according to the latest study from the International Council of Shopping Centers (ICSC).

The ICSC now anticipates that retail industry sales will increase by 1 percent for November and December combined, with tougher comparisons for November and easier comparisons for December.

"Although the final number was only slightly below our forecast range for the month, ICSC Research is now paring its holiday forecast to the low end of our forecast range," ICSC Chief Economist and Director of Research Michael P. Niemira said in a media release.
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