U.S. retail sales tumbled 2.8% in October, posting a record dive as consumers cut back spending on a wide variety of goods ranging from cars to furniture to electronics.

It was the fourth drop in a row, the U.S. Commerce Department said Friday.

Sales in September decreased 1.3%, revised down from an originally estimated 1.2% decline.

Economists had expected a 2.4% drop in sales during October. The 2.8% drop was the largest since records began in 1992. The previous record was a 2.65% decline in November 2001.

Consumer spending is a big part of the U.S. economy. It makes up about 70% of gross domestic product.

Friday’s report showed automobile and parts sales plunged by 5.5% in October. September sales decreased 4.8%.

Sales of all retailers except auto and parts dealers dropped in October by 2.2%. Economists expected a 1.6% decrease.

October gasoline station sales fell 12.7% last month, reflecting sinking gas prices.

Excluding auto sales and gas station sales, all other retailers saw sales fall 0.5% in October. That was a slight improvement over a 0.6% drop in September.

Meanwhile U.S. import prices slid 4.7% on a monthly basis in October — marking the largest one-month decline since the index was first published monthly in December 1988, the U.S. Labour Department said Friday.

The record drop for October, which was greater than the 4% drop economists had expected, follows a revised 3.3% drop in September that was larger than first estimated.

IE