Retail sales in the U.S. and worldwide went into a major slump, with the slowest Christmas shopping season in decades. American manufacturing contracted in November 2008 at the steepest rate in 26 years. The U.S. lost some 4 million jobs in 2008,<ref>[http://research.stlouisfed.org/fred2/graph/fredgraph.png?graph_id=109262 Total Non-Farm Payrolls, U.S. Dept. of Labor].</ref> the worst record since the end of World War II, Factory indexes in China, Britain, Europe, and Russia all fell to record lows. | Retail sales in the U.S. and worldwide went into a major slump, with the slowest Christmas shopping season in decades. American manufacturing contracted in November 2008 at the steepest rate in 26 years. The U.S. lost some 4 million jobs in 2008,<ref>[http://research.stlouisfed.org/fred2/graph/fredgraph.png?graph_id=109262 Total Non-Farm Payrolls, U.S. Dept. of Labor].</ref> the worst record since the end of World War II, Factory indexes in China, Britain, Europe, and Russia all fell to record lows. |