Record fall in US retail sales

Trade over the Christmas and sales season fell 2.7 per cent, far above the 1.2 per cent expected by analysts and, excluding car purchases, dived 3.1 per cent, the worst fall since records began in 1992.

Tightening credit conditions and rising unemployment contributed
to a slowdown in spending by US consumers last month.

The International Council of Shopping Centers said last week that
the final two months of 2008 had been the worst shopping season in
almost 40 years, with same-store sales down 2.2 per cen.