The following was written on December 12, 2008 by Dr. Charles W. McMillion, President and Chief Economist of MBG Information Services in Washington, DC.

Two reports today show the economic slump is severe and worsening but the details of these reports are not as bad as the headlines.
 
Census reports that nominal retail store receipts fell another -1.8% in November and receipts in September and October were revised down further to -1.6% and -2.9%, respectively. This is the fifth consecutive nominal decline in receipts and the sixth consecutive price-adjusted decline.