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By Harriet Torry Retail sales declined by 1.1% in November, the first drop in seven months as consumers pulled back during the holiday season. Economists surveyed by The Wall Street Journal had forecast that retail sales decreased a seasonally adjusted 0.3% in November from a month earlier. The U.S. economy continues to recover, but at a slower pace. Hiring growth slowed in November while worker filings for unemployment benefits recently increased. Overall consumer spending, which includes retail and services consumption, has continued to increase, but more slowly than over the summer. Consumer confidence has been mixed, with one survey reflecting a brighter outlook for the economy beyond the pandemic.
U.S. Retail Sales Fell 1.1% in November 3rd Update
12/16/2020 | 12:34pm EDT
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By Harriet Torry The holiday shopping season got off to a muted start as U.S. consumers reined in November spending amid a surge in virus infections and new business restrictions in some states. U.S. retail sales, a measure of purchases at stores, restaurants and online, dropped a seasonally adjusted 1.1% in November from the prior month, the Commerce Department said Wednesday. October sales were revised to a decline of 0.1% from an earlier estimate of a 0.3% increase. Sales were up by 4.1% in November when compared with the same month a year ago.
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