Retail sales slow as consumers spend less in November
Census Bureau reports an upward trend in sales of retail and food services despite monthly dip
Retail sales expected to ‘get worse’ in 2023: Stacey Widlitz
Stacey Widlitz, the founder of SW Retail Advisors, reacts to November’s retail sales coming in worse than expected at a 0.6% decline on ‘Mornings with Maria.’
Consumers spent less in November on retail and food services as the sector continues to recover from the COVID-19 pandemic and inflation-related pressures.
On Thursday, the Census Bureau reported American shoppers spent $689.4 billion last month as sales for retail and food services slipped 0.6%, after moving 1.2% higher month over month in October.
TRADITIONAL RETAIL STOCKS ARE KICKING AMAZON'S BUTT
Despite the drop in monthly sales, on an annual basis sales climbed 6.5%.
Also in November, retail trade sales fell 0.8% from the prior month, but increased 5.4% year over year.
Meanwhile, gasoline stations were up 16.2% from November 2021, as food services and drinking places moved 14.1% higher from the same period last year.
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