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Retail sales hit 3-year low
Retail sales suffered their biggest drop in three years last month, as American households reined in spending amid a tough job market, the financial crisis and falling home values, CNNMoney.com reports.
The Commerce Department reported today that retail sales fell 1.2 percent in September, nearly double the 0.7 percent drop expected by economists.
A steep 3.8 percent decline in auto purchases help depress the overall sales for the month.
At last glance, the Dow was down about 250 points.
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