UNITED STATES, Dec 16: US retail sales dropped in November, falling lower than analysts’ estimates, according to data published Thursday by the US Department of Commerce.
Retail sales decreased 0.6 per cent, more than the Dow Jones prediction of a 0.3 per cent decline, reported Xinhua.
Markets reacted negatively to the report as well as other negative economic news released Thursday.
The Dow Jones Industrial Average took a nosedive of more than 760 points on the news, on investors’ fears that aggressive rate hikes from the US Federal Reserve may trigger a recession.
Consumers pulled back on spending in several retail sectors. Furniture saw a 2.6 per cent drop, garden centres and building materials ticked down 2.5 per cent, and auto dealers and auto parts sellers saw a 2.3 per cent fall.
Online retail sales also ticked downward, dropping 0.9 per cent. – TVS
