• U.S. retail sales drop much more than expected in November

Market news

16 December 2020

U.S. retail sales drop much more than expected in November

The Commerce Department reported on Wednesday the sales at U.S. retailers fell 1.1 percent m-o-m in November, following a revised 0.1 percent m-o-m decrease in October (originally a 0.3 percent m-o-m gain).

Economists had expected total sales would drop 0.3 percent m-o-m in November.

Excluding auto, retail sales decreased 0.9 percent m-o-m in November after a revised 0.1 percent m-o-m fall in the previous month (originally a 0.2 percent m-o-m increase), being much worse than economists’ forecast of a 0.1 percent m-o-m rise.

Meanwhile, closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, and are used in GDP calculations, dropped 0.5 percent m-o-m in November after a downwardly revised 0.1 percent m-o-m dip in October (originally a 0.1 percent m-o-m gain).

In y-o-y terms, the U.S. retail sales grew 4.1 percent in November after a revised 5.5 climb in the previous month (originally a 5.7 percent jump).

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