US Retail sales drop in the biggest monthly decline since 1992.

Two weeks before the biggest shopping season in the US retailers are hurting after Retail Sales dropped by 2.8% in October. Last month sales decreased by 1.3%. It is no coincidence that retailers such as Circuit City declared bankruptcy after consumers stopped visiting their stores because of the dire economic climate.

The Auto sector continues to lead in shrinking sales with a reduction of 5.5% and electronic stores saw a 2.3% decline. An ever increasing number of American shoppers are concerned with rising unemployment and uncertainty about the Financial Industry.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza