United States: Retail sales drop at sharpest rate since December 2021 in November
Retail sales dropped 0.6% month-on-month in seasonally-adjusted terms in November (October: +1.3% mom), double the size of the contraction expected by market analysts. The outturn marked the worst reading since December 2021. The figure was driven by contractions in motor vehicles and parts, non-store retail and gasoline station sales. In addition, food and beverages sales growth weakened.
On an annual basis, retail sales rose at a more moderate pace of 6.5% in November (October: +8.3% yoy), the worst result since December 2020. Meanwhile, annual average retail sales growth fell to 10.1% in November (October: +11.1%), which marked an over one-year low.