NEW YORK — Wall Street extended its decline yesterday, dipping lower after the Labor Department said productivity was flat in the third quarter while wages rose nearly 4 percent. The data touched off concerns that the Federal Reserve will continue to wrestle with inflation, possibly raising interest rates again.

The Dow Jones industrial average posted its first five-day consecutive decline since June 2005 following the economic news and amid mixed reports from retailers on October sales, including Wal-Mart Stores Inc., which had disappointing results last month and warned that November sales would also come in below expectations.

The economic data, which showed wage pressure was increasing at the fastest rate in more than 20 years, rattled investors who have grown concerned that the economy might be cooling too quickly. Wall Street wants a gradual slowdown so the Fed will cut interest rates.

"In the grand scheme of what's happened today and this week I'd say the markets are hanging in there," said Brian Williamson, an equity trader at The Boston Company Asset Management.

Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.60 percent from 4.57 percent late yesterday. The dollar was mixed against other major currencies, while gold prices rose.

Declining issues outnumbered advancers by about 9 to 7 on the New York Stock Exchange, where consolidated volume came to 2.7 billion shares, compared with 2.92 billion traded Wednesday.