U.S. retail sales fall after hefty gains; labor market still tight

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U.S. retail sales fell more than expected in November, likely payback after surging in the prior month as Americans started their holiday shopping early

The biggest decrease in retail sales in 11 months reported by the Commerce Department on Thursday was likely payback after sales surged in October as Americans started their holiday shopping early to take advantage of discounts by businesses desperate to clear excess inventory.

"It is hard to know at this point if the November weakness represented a fundamental change in the trend or reflected some inevitable cooling following a strong run for real spending into October, or some combination, but for now we are not particularly alarmed by the November drop in retail spending," said Daniel Silver, an economist at JPMorgan in New York.

Last month's decrease in sales also reflected the fading boost from one-time tax refunds in California, which saw some households receiving as much as $1,050 in stimulus checks in October, and Amazon's second Prime Day. Spending is also rotating back to services. Sales at auto dealers fell 2.3% as motor vehicles remain in short supply. Receipts at service stations dipped 0.1%, reflecting lower gasoline prices. Online retail sales decreased 0.9%, which was at odds with reports of strong Black Friday sales. Furniture stores sales dropped 2.6%.

 

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Just go to California and steal what you want. Keep your theft under $900 each time and you won't even be arrested or prosecuted.

Jeff Besos told us to stop buying stuff we don't need.

The guy bought a PS5 at store..............

Our media protecting Biden.

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