US retailers posted their sharpest-ever sales drop in November, according to a report released today by the US Commerce Department.
Retail sales fell by a larger-than-expected 3.7 per cent, the largest monthly drop since records have been kept in their current form in 1992. Sales outside of the automotive sector were not as weak, however, posting a 0.5 per cent decline.
November's plunge followed a revised record gain of 6.4 per cent in October. Previously, October sales had been reported as rising 7.1 per cent.
The largest component of the overall decline in November was the auto dealer category, which saw sales fall by a record 11.9 per cent in the month.
Wall Street had been expecting overall sales to drop by a smaller 2.8 per cent in November while sales excluding autos were expected to be flat.