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USA UK and Malta News
15/10/2008 - 20:16

USA Today Editoweb 15 october 2008

Fed: Economy sinks deeper into rut - Retail sales plunge 1.2 percent in September - Fed: Economy sinks deeper into rut.



Fed: Economy sinks deeper into rut

The country has sunk deeper into an economic rut, the Federal Reserve reported Wednesday.

Retail sales plunge 1.2 percent in September

Retail sales fell off a cliff in September, plunging by the largest amount in three years as worried consumers shunned the malls and auto showrooms in the midst of the country's financial meltdown.

August inventories up less than expected

Businesses increased their inventories in August by the smallest amount in five months, a possible indication of concerns about the slowing economy.

Stocks plunge anew as Fed reports further weakness

Wall Street is plunging again, with the Dow Jones industrials down more than 500 points as investors agonize over the faltering economy. Stocks are down on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that says tight credit conditions are hurting businesses across the country.

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