U.S. retail sales fall more than expected
Dec 16, 2022
Washington [US], December 16: U.S. retail sales dropped in November, falling lower than analysts' estimates, according to data published Thursday by the U.S. Department of Commerce.
Retail sales decreased 0.6 percent, more than the Dow Jones prediction of a 0.3 percent decline.
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 U.S. Federal Reserve may trigger a recession.
Consumers pulled back on spending in several retail sectors. Furniture saw a 2.6 percent drop, garden centers and building materials ticked down 2.5 percent, and auto dealers and auto parts sellers saw a 2.3 percent fall.
Online retail sales also ticked downward, dropping 0.9 percent.
Source: Xinhua
