U.S retail sales fell 1.1% in November, a second consecutive month, dimming hopes of economic recovery from the pandemic recession, according to CNBC. Retail sales were weighed down by restrictions due to surging coronavirus infections and declining household income.
- Motor vehicle sales led the retail slump, with receipts at auto dealerships falling 1.7% after being unchanged in October.
- Receipts at clothing stores fell 6.8%, while sales at restaurants and bars dropped 4.0%.
- Sales at electronics and appliance stores fell 3.5%, and receipts at furniture stores declined 1.1%
- There were decreases in sales of sporting goods, hobby, musical instrument and book stores.
- Retail sales were boosted by online and mail-ordered retail sales, which rose a modest 0.2%, while receipts at food and beverage and building material stores also gained
- Retail sales results come even as investors hope for additional fiscal stimulus and a relaxed monetary policy from the Fed.
U.S. stocks are currently gaining as the dollar loses. SPY is up 0.11%, QQQ: NASDAQ is up 0.21%, EURUSD is up 0.23%.
