Retail sales post historic drop

Spanish retail sales posted their biggest monthly drop in April since the statistical series began in 2003, official data showed Tuesday, in the latest sign of a deterioration in economic activity. Retail sales adjusted for calendar effects dropped 9.8 percent in April, after falling 3.8 percent in March, the national statistics agency said in a statement.
Spain, the eurozone's fourth-largest economy, fell back into recession during the first quarter as the economy continues to reel from the collapse of a property bubble in 2008 and its unemployment rate sits at 24.4 percent. Retail sales dropped 10.6 percent at gas stations and plunged 16.1 percent at large chains, it said.