Innovation Update

Retail Sales Fall Sharply Because of Sagging Auto Sector

 

Retail sales fell 0.4% in November, widely missing expectations that they would rise slightly. It was the largest drop since a 0.5% decline in April.

But a 2.2% drop in auto sales, the largest since July 1998, accounted for much of the overall decline. Excluding autos, retail sales rose 0.2%, only narrowly missing the consensus forecast among economists for a 0.3% gain. In other words, the November drop in retail sales was not broad-based. A broad-based decline would suggest that consumer spending, the economy's main engine, is slowing more markedly.

Economists polled by Reuters had forecast that retail sales would rise 0.1% overall.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,471.58 1,108.86 2,175.81 32.75
Oil *
79.69
UP
126.74
UP
13.23
UP
31.21
UP
0.74
10 Yr
3.28%
SPDR Gold
117.38
+1.23%
+1.21%
+1.46%
+2.31%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services