Modest 0.3% November retail sales bump, optimism still high
NEW YORK (AP) — Americans slowed their spending from October to November but still continued to shop ahead of the critical holiday season, brushing off rising prices and shortages.
The U.S. Commerce Department said Wednesday that retail sales rose a modest 0.3% in November compared with the previous month when sales jumped 1.8%. That was a bit weaker than most economists had expected, yet early holiday shopping may have pushed holiday shopping traditionally done in November, up a month to October with news of shortages and supply chain issues consistently in headlines.
There were also hints of a return to pre-pandemic behavior with Americans spending more on services, like going out for dinner, which has been under significant pressure due to the fear of infection.