Sharp Plunge in Retail Sales
As the economic crisis tightened its grip, steep falls in demand for non-food goods push retail sales to fall by 1.9% in the past month.
Economists are suspecting that further sharp declines are likely given that unemployment is surging, nominal wages are now falling as a result of the lower bonus payments across the economy, wealth is plunging because of weak equity markets and falling house prices, while confidence is at all-time lows.
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