November Retail Sales Drop by 0.6% Amid Economic Slowdown 📉

U.S. retail spending fell 0.6 percent in November from the prior month, according to the Commerce Department. Meanwhile, manufacturing output declined 0.6 percent, according to the Federal Reserve in a separate report. As the Fed continues its aggressive approach to interest rate hikes, consumers are cutting back on holiday-related purchases, home projects, and autos. While inflation has eased over the course of the year, the labor market remains tight.