That seems to be the general sentiment amongst the retailers. U.S. October retail sales probably increased 2%, according to the International Council of Shopping Centers [ICSC] and UBS. The estimate has declined from as high as 2.5% last month.
Thomson Financial reports that two-third of retailers' October sales missed analysts' expectations.
The excuse making was in full flower, as numerous reasons were proffered: ongoing housing market problem, the credit crunch, high oil, warm weather, etc. Also occurring at the same time: Consumer confidence fell to the lowest level in two years, and sales of new homes declined 45 percent in September from a peak in July 2005.
Gee, ya think either of those elements might have had an impact on Retail Sales?
Largest Gainers and Decliners, Retail Sales, October 2007
October retail sales spooked
Parija B. Kavilanz
CNNMoney.com, November 8 2007: 7:50 AM EST
October Retail Sales: Largest Percentage Gainers/Decliners
November 08, 2007: 10:08 AM EST
U.S. Retail Sales in October Trail Analyst Estimates
Bloomberg, Nov. 8 2007
Slow Sales of Cold-Weather Items Continue to Hurt Clothing Chains
November 8, 2007 10:42 a.m.