Economy worries cause another big drop on Wall Street
Economy worries cause another big loss on Wall...
Unemployment, retail spending and auto sales all added to Wall Street's worries as the Dow dropped 4432 points on Thursday.Published: November 6, 2008
Updated: November 12, 2008
Unemployment, retail spending and auto sales all added to Wall Street’s worries Thursday.
The new numbers paint the same dismal picture: Economic chaos.
Stores have holiday items on the shelves, but they aren’t going anywhere.
Most retailers showed significant drops in sales last month.
There are signs this could be the worst Christmas season in decades.
Wal-Mart would seem to be one of the few bright spots.
The big box retailer was one of few on the plus side of sales last month.
Analysts say it’s an indication that shoppers are searching for bargains when they do spend money.
The only economic engine that may be sputtering worse than retail is the auto industry.
U.S. sales slid 27-percent last month, the most in 17 years.
General Motors and Ford will announce billions of dollars in third-quarter losses on Friday.
The same day G-M will initiate “important changes” in operations in response to “the volatile global economic situation.“
The top executives from the big three U.S. auto makers and the president of the autoworkers union met with House Speaker Nancy Pelosi Thursday as part of a push for more federal help for their struggling industry.
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