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US retail sales fall more than expected

Retail sales in the US fell 0.6 percent month-on-month in November, falling more than market expectations. The decline in retail sales during this period was driven by the decline in sales in stores selling furniture, building materials, motor vehicles and parts.

The US Department of Commerce released retail sales data for November. Accordingly, retail sales decreased by 0.6 percent compared to the previous month in November and became 689.4 billion dollars.

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Market expectations were for retail sales to decline 0.1 percent in this period. Retail sales, which recorded the biggest drop in 11 months, increased 1.3 percent in October.

Retail sales in the country increased 6.5 percent year-on-year in November.

The decline in retail sales during this period was driven by the decline in sales in stores selling furniture, building materials, motor vehicles and parts.

Sales in electronics stores, non-store retailers, stores selling sports, hobby, musical instruments and books, gas stations and general goods stores also decreased in the same period.

 

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Analysts said that the decline in retail sales in November, which included shopping spree days such as “Legend Friday” and “Cyber ​​Monday”, pointed to a slowdown in consumer spending due to high inflation and rising interest rates.

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