Retail sales dismal in November
Retailers who suffered through a miserable November – despite a surge in sales the day after Thanksgiving – are worried that the usual lull between the holiday weekend and the final days before Christmas could be dangerously quiet this year.
Whether shoppers are holding out for even better deals or are simply already done, retailers will likely be forced to be even more aggressive with discounts as they lurch through a season looking to be the weakest in at least 30 years.
Worries about the holiday season increased Thursday after many retailers reported November sales so dismal it was the industry’s worst month since 1969. According to the Goldman Sachs-International Council of Shopping Centers index, same-store sales dropped 2.7 percent.
COLUMBUS, Ohio
Oil prices fall another 7 percent
Oil tumbled nearly 7 percent to settle below $44 a barrel Thursday and average gasoline prices slipped under $1.80 a gallon, both four-year lows.
The unprecedented decline in energy prices has provided some relief to consumers and businesses.
TRENTON, N.J.
Merck sees flat revenues in ’09
Drugmaker Merck & Co. on Thursday forecast lower profits and flat revenue in 2009 – far below Wall Street expectations – with management blaming the weak global economy, generic competition, slower sales of key products and restructuring charges.
Merck shares slumped on the news.
Merck has been struggling all year with safety concerns hurting sales of its key cholesterol drugs and a couple of other products.