U.S. retail sales fell more than expected in November, likely weighed down by raging new Covid-19 infections and decreasing household income, adding to growing signs of a slowdown in the economy’s recovery from the pandemic recession.
The second straight monthly decline in retail sales reported by the Commerce Department on Wednesday could nudge Congress to agree on another fiscal stimulus package. News of the weak start to the holiday shopping season came as Federal Reserve officials were wrapping up a two-day policy meeting.
The U.S. central bank is expected to keep interest rates near zero and deliver a playbook for what might prompt the Fed to pump more money into the economy.
Retail sales dropped 1.1% last month, with receipts declining almost across the board. Data for October was revised down to show sales slipping 0.1% instead of rising 0.3% as previously reported, adding a sting to the report. October’s dip was the first since April, when stringent measures to control the first wave of coronavirus cases crippled the economy.
The plunge in sales last month was led by motor vehicles, with receipts at auto dealerships tumbling 1.7% after being unchanged in October. Receipts at clothing stores plummeted 6.8%. Consumers also cut back on eating and drinking out. Sales at restaurants and bars dropped 4.0%.
Sales at electronics and appliance stores fell 3.5% and receipts at furniture stores declined 1.1%. There were also decreases in sales at sporting goods, hobby, musical instrument and book stores. But receipts at food and beverage stores rose as did those at building material stores.
Online and mail-order retail sales rose a modest 0.2%.
Wall Street opened slightly higher as investors hoped for additional fiscal stimulus and an affirmation of continued easy monetary policy from the Fed. The dollar fell against a basket of currencies. U.S Treasury prices were lower.

If only Trump the golfer took things abit more seriously as a world leader when the covid 19. Pandemic started in December 2019


.

Exc2000:




If only Trump the golfer took things abit more seriously as a world leader when the covid 19. Pandemic started in December 2019


.

with over 300,000 deaths in the US, the Arrogant racist still believe the virus OVERHYPED.

Trump is such a rude clown

GIdiata:


with over 300,000 deaths in the US, the Arrogant racist still believe the virus OVERHYPED.

Trump is such a rude clown

He is a typical privileged white Supremacist Rich man's son

He just doesn't care, if he is given another chance again he would act even worse