By Post Staff Report
November 13, 2015 | 11:52am
The American consumer appears to be tapped out.
Despite cheaper gas and interest-free car loans that stretch six years, auto sales in October posted a surprise decline, the Commerce Department said Friday — while retailers continued to post disappointing sales for the three months ended Oct. 31.
Wall Street, fearful that consumers are running out of cash heading into the crucial Christmas retail season, are selling off retail stocks and everything else sensitive to consumer spending.
The Dow Jones industrial average has fallen over 600 points, or 3.4 percent, over the last eight trading sessions. The S&P 500 is down 3.7 percent over the same span.
Overall, retail sales edged up 0.1 percent last month after being unchanged in September, Commerce reported. Economists had forecast sales increasing 0.3 percent.
Car sales fell 0.5 percent in October after rising 1.4 percent in September, according to Commerce.
“Admittedly, this is a not a great start to the fourth quarter, which is important as we head toward the holiday shopping season,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto, told Reuters.
Late Thursday, Nordstrom reported profits and sales for the three months ended Oct. 31 that missed Wall Street forecasts. Its shares on Friday morning got clobbered, falling 17.9 percent, to $52.11. Its shares are down 33 percent this year.
Other chains on Friday morning were tumbling as the entire retail sector is coming under attack. JC Penney is down 16 percent, Kohl’s was down 7.3 percent and Macy’s is off 4.2 percent.
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