Retail Sales in November Unexpectedly Slow, Well Under the Rate of Inflation

Advance Sales Details 

• Advance Estimates of retail and food services sales for November 2021, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $639.8 billion.
• Sales rose 0.3 percent from the previous month, and 18.2 percent above November 2020. 
• Total sales for the September 2021 through November 2021 period were up 16.2 percent from the same period a year ago. 
• The September 2021 to October 2021 percent change was revised from up 1.7 percent to up 1.8 percent. 
• Retail trade sales were up 0.2 percent from October 2021, and up 16.1 percent above last year. 
• Gasoline stations were up 52.3 percent from November 2020, while food services and drinking places were up 37.4 percent from last year.  

Econoday Consensus Estimates

• Overall: 0.8% Expected vs 0.3% Actual
• Excluding Vehicles: 0.9% Expected vs 0.3% Actual
• Excluding Vehicles and Gas: 0.8% expected vs 0.2% Actual

Real Sales Decline

Real sales (subtracting the rate of inflation) fell 0.5% in November. 

Economists expected sales would keep up with inflation. Instead, consumers threw in the towel.

Not even Amazon is doing well judging by flat non-store sales.

Have the stimulus checks finally run out or are consumers suddenly balking at prices?