U.S. stock indexes are all down over 1 percent in early trading today after the Department of Commerce reported that September retail sales dropped 0.3 percent, missing the estimate of 0.2 percent from briefing.com.
The decline in retail sales for September is the first drop since January.
Excluding autos, retail sales fell 0.2 percent.
Crude oil has dropped to the lowest level in nearly 4 years amid signs that global growth is slowing and remains persistent in Europe’s strongest economy: Germany.
Yesterday President Obama attended a meeting hosted by Chairman of the Joint Chiefs of Staff Army Gen. Martin E. Dempsey that included 21 foreign chiefs of defense. The meeting was designed to coordinate strategies to work against ISIL in the Middle East.
The foreign nations represented at the meeting included Australia, Bahrain, Belgium, Canada, Denmark, Egypt, France, Germany, Iraq, Italy, Jordan, Kuwait, Lebanon, the Netherlands, New Zealand, Qatar, Saudi Arabia, Spain, Turkey, United Arab Emirates, and the United Kingdom.
President Obama spoke about the importance of coalition partners to remain united over the long term to degrade and destroy ISIL so that it’s no longer a threat to Iraq, to the region, or the international community.
“As with any military effort, there will be days of progress and there are going to be periods of setback, but our coalition is united behind this long-term effort,” Obama said.