Retail Sales Slip Wednesday, November 14, 4:15 PM ET
The Commmerce Department reported today that retail sales were lower by 0.3 percent, the first drop after three months of gains. Sales at auto dealers fell by 1.5 percent. Reasons for the drop included cautious spending ahead of Hurricane Sandy, as well as businesses that were closed as a result of the storm, and power outages that prevented online shopping.
Consumers may also be holding back on spending due to anxiety over the "fiscal cliff" which may lead to spending cuts and big tax increases.
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