Economics
U.S. Retail Sales Tumble in Sign Economic Rebound Is Sputtering
- November’s 1.1% drop is worse than economists had forecast
- Clothing stores, restaurants post biggest percentage drops
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U.S. retail sales dropped by more than forecast in November and the prior month was revised to a decline, indicating the economic rebound is hitting bumps amid record coronavirus cases and lawmakers’ extended wrangling over a new stimulus package.
Total retail sales decreased 1.1% from the prior month, following a 0.1% October decline, the first drops since March and April, Commerce Department figures showed Wednesday. That was worse than all but one economist had forecast in a Bloomberg survey calling for a 0.3% decline, and October’s figure was originally reported as a 0.3% increase.