Retail Sales ‘Disappointed on All Measures’ as Inflation Deters Shoppers
Customers wearing protective masks shop at FAO Schwarz on Nov. 27, 2020 in New York, United States.
Jeenah Moon/Getty Images
U.S. retail sales slowed down in November, suggesting inflation has been weighing on consumers’ wallets.
The Census Bureau reported that seasonally adjusted retail sales rose 0.3% last month, marking a stark slowdown from the 1.8% rise in sales in October and missing forecasts for 0.8%. Excluding gas and motor vehicles, sales climbed 0.2%, below expectations for 0.7%.
“Retail Sales disappointed on all measures,” BMO strategist Ian Lyngen writes.
With inflation up 6.8% in October, it’s possible that higher prices weighed on shopping. But the report might also have reflected some of the supply chain and labor cost headwinds facing retailers. Consumers were urged to start shopping earlier and spread out their purchases, and they may have done just that. “This release conforms to the notion that consumers brought forward spending into October based on supply-chain concerns and product availability,” Lyngen said.
www.barrons.com/articles/retail-sales-numbers-51639580415 
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