The US Commerce Department is seen in Washington, DC, the United States, Dec. 15, 2022. US retail sales dropped in November, falling lower than analysts' estimates, according to data published Thursday by the US Department of Commerce. Photo:Xinhua

 

The US Commerce Department is seen in Washington, DC, the United States, Dec. 15, 2022. US retail sales dropped in November, falling lower than analysts' estimates, according to data published Thursday by the US Department of Commerce. Photo:Xinhua

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 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 US 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.