The Clap
Retail sales declined by 0.6% during November, double analysts’ estimates of an 0.3% decline.
What
The decline in retail sales sent markets spiraling down, with the S&P 500 declining 2.49% during yesterday’s session.
The decline was spread out across consumption in several different categories such as furniture, building materials, vehicles, etc.
So What
A strong USD, slower global growth, and record-high interest rates all played a role in pushing consumers away from spending during November.
Now What
Retail spending is expected to continue to suffer, as the possibility of a recession in addition to a strong USD that is affecting imports takes its toll on consumer consumption.
