Americans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy.
U.S. retail sales fell more than expected in November, likely payback after surging in the prior month, while the labor market remains tight, with the number of Americans filing for unemployment benef...
Retail sales declined 0.6% in November compared to October, the biggest decline in almost a year. For once, declining prices seem to be part of the story.
November retail sales slowed from October but remained higher than last year. Many holiday promotions started in October prompting consumers to shop earlier. Sales for the combined months of November and October were 8.8% higher than last year.
By Alicia Wallace, CNN Black Friday may have been back in fashion this year, but the strong turnout at the start of the holiday shopping season last month wasn’t enough to counter a broader consumer pullback in spending.
The Census Bureau reported that American shoppers spent less in November on retail and food services as high inflation continues to weigh on the sector.
