Source: U.S. Department of Commerce.
U.S. retail sales increased slower than expected in November, likely a drawback after rising in the prior month as Americans started early shopping for the holiday season. DXY up +0.04%, EUR USD down -0.01%
- A cycle in spending from goods back to services and shortages and resulting higher prices have held back retail sales prior month, with the Commerce Department’s report showing a drop in receipts at electronics and appliances stores.
- Retail sales increased by 0.3% last month. Data for October was revised higher to signal retail sales increasing 1.8% rather than 1.7% as initially reported.
- Sales have increased for four straight months and rose 18.2% year-on-year. Economists surveyed by Reuters had projected retail sales increasing by 0.8%.
- A number of the top U.S. retailers reported in mid-November that they experienced an early start to holiday shopping.
- The flattening retail sales, mainly goods, signalled shortages. Receipts at auto dealerships fell 0.1% after increasing 1.7% in October.