With retail sales plunging a record 2.8 percent in October—the fourth straight month of losses—the government has launched an informational Web site to aid Main Street’s economic recovery. 

“We want to make information easily accessible and quickly available to American workers affected by the economic downturn,” said Secretary of Labor Elaine L. Chao. The U.S. Department of Labor’s site, www.economicrecovery.gov, billed as a resource to help Americans protect their savings, find jobs and keep their homes, also features a section for small-business owners.

Under “Help for Small Businesses and Financial Institutions, you’ll find “Helping Main Street: Loan Programs, Training and Mentoring to Meet Business Challenges” with links to the U.S. Small Business Association, which offers business plans, management advice and even exit strategies.

“Working through its lending partners, SBA loan programs are helping lessen the credit crunch by extending credit to small businesses across the country. Our financial programs fill in credit market gaps with over $20 billion annually to small businesses,” the Web site states. SBA offers management counseling and assistance through 1,500 partners, and maintains the site with current business information and free online business courses.

According to published news reports, weak October sales are an indication that the fourth quarter could be worse than the third, when inflation-adjusted consumer spending fell at the fastest pace in 28 years.

“Retailers are cutting operating costs by whittling back inventory levels and trimming labor costs, but it is nearly impossible for companies to fully counteract a complete pullback in consumer spending,” said Rosalind Wells, chief economist for the National Retail Federation (Washington), after retail industry sales fell in September. [January 2009 PET AGE]