ARLINGTON, Va.—Total retail sales declined 0.6% in November after rising 1.3% in October.
“These readings complement recent results from Federal Reserve surveys which have shown accelerating weakness within the manufacturing sector, with sharp declines in new orders, unfulfilled orders, and overall firm sentiment,” stated NAFCU Economist Noah Yosif, citing Commerce Department data. “The ongoing slowdown in retail sales casts doubt on the ability of consumers to power through the combined economic headwinds of higher interest rates and a broader slowdown in global economic growth.
“Markets opened down, as slowing sales exacerbated fears stoked by the Federal Reserve’s dour forecast for 2023,” concluded Yosif.
Widespread Retrenchment
According to the analysis, the retrenchment was widespread across the sectors. Furniture and home furnishings stores fell 2.6%, building materials and garden centers fell 2.5%, and motor vehicle and parts dealers fell 2.3%. Even online sales fell 0.9%. Yosif noted these declines were “partially offset by increases in food services and drinking places, which increased 0.9%, and food and beverage stores, which increased 0.8%,” the Commerce Department data show.
Year-over-year growth in retail sales was up 6.9% in November. Control group sales – which excludes auto, gas, and building material categories – were up 7.3% from a year ago.
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