Retail sales fell by 1.1 percent in November, the biggest drop in seven months, as Americans held back on spending at the start of the holiday shopping season. The Commerce Department on Wednesday also revised October’s report, saying that retail sales fell 0.1 percent that month, instead of rising 0.3 percent as it previously reported. Economists expect retail sales to continue to fall this month as virus cases spike and states add tougher restrictions. “It will take a miracle to keep retail sales positive in December,” said Chris Rupkey, chief financial economist at global financial group MUFG. The biggest drop was at department stores, down by 7.7 percent.

Source: The Standard December 16, 2020 15:39 UTC