Retail sales grew at a quiet and modest 0.3% in November, as consumers began to spend the holiday season but at a slower rate than before as inflation raged in the country. The Wall Street Journal report.
Sales also rose 18.2% last month from a year earlier, “showing that low unemployment, rising wages and savings from stimulus spending are giving Americans the ability to spend more this year,” even as prices rise.
“It’s clear that consumer demand is really strong and at least for now, can withstand some of the price volatility we’ve seen,” said Alexander Lin, an economist at Bank of America. with Magazine.
November was the fourth consecutive month that saw such an increase in sales, albeit very modestly. The spike followed a 1.8 percent increase in spending in October, showing “consumer demand remains strong even before Thanksgiving, long seen as the start of the holiday season.” shopping club”, wrote The New York Times.
Although the numbers of November did Lower than forecast, sales in December are expected to increase.
“We’re seeing consumers starting to load and think about their holiday shopping earlier than we’ve ever seen,” says Kathy Gramling, consumer goods industry market consultant for EY. Times before the November issue was released. “The great reset for retail will really come in January, where we’ll see a lot of retail regret and we’ll see a boost in profits.”
https://theweek.com/inflation/1008098/retail-sales-increased-for-the-fourth-consecutive-month-in-november Retail sales increase for the fourth consecutive month in November