WASHINGTON, Nov 14 (Reuters) - Sales at U.S. retailers suffered a record decline in October, government data on Friday showed, as shoppers took fright over falling home prices and a widening credit crunch pushing the economy toward recession.
Sales slumped 2.8 percent last month to a seasonally adjusted $363.7 billion, the largest decline since the series began in 1992, the Commerce Department said. This compared with a revised 1.3 percent fall in September, previously reported as a 1.2 percent decrease.
Economists polled by Reuters forecast a 2.0 percent fall in October retail sales as an escalating financial crisis forced consumers into a defensive crouch. Sales excluding autos also notched a record 2.2 percent drop versus a forecast for a 1.2 percent decline. (Reporting by Alister Bull; Editing by Theodore d'Afflisio)