U.S. Shoppers Pull Back at Start of Holiday Season
The holiday shopping season got off to a muted start as U.S. consumers reined in spending. U.S. retail sales dropped a seasonally adjusted 1.1 percent in November from the month prior, according to the U.S. Commerce Department, as new business restrictions were adopted in some states and COVID-19 cases surged. The Wall Street Journal reports that restaurants, department stores, and vehicle dealerships all reported sharp sales declines, while purchases of groceries and building materials rose, along with online sales. The November decline, plus a revision that put October sales down slightly, marked the end of several months of growth in retail spending.