US retail sales plunge by 3.7%

US retail sales plunged by a record 3.7 per cent in November from the previous month, as ballooning car sales suddenly deflated. It was the steepest drop in retail sales since the current series of data began in 1992, the Commerce Department said.

Retail sales had climbed a record 6.4 per cent the previous month, the Commerce Department said, as people flocked to car showrooms to snap up zero per cent financing deals.