Retail sales fell sharply in September as consumers shunned department stores, auto showrooms and shopping malls, ratcheting back spending for a third month. Economic activity slowed, according to a report from the Federal Reserve. And the Fed chairman, Ben S. Bernanke, warned in a speech that a recovery “will not happen right away.”
Full-text article by Michael M. Grynbaum is available via the New York Times, 10.15.08.