People wait in line to enter a Disney Store at the Citadel Outlets in Los Angeles, California. US retail sales fell sharply in November, a further sign of economic trouble as Covid-19 cases climbed and lawmakers remained deadlocked on approving economic stimulus. – AFPPIXUS business activity slowed in the first half of December as renewed restrictions to slow a resurgence in new Covid-19 infections hurt the services sector.
Supply chain disruptions remained an issue,"with delays more prevalent than at any time since comparable data were available in 2007," the data firm said. Economists polled by Reuters had forecast a reading of 55.9 this month for the services sector, which accounts for more than two-thirds of US economic activity. A measure of new business in the services sector decreased to a reading of 55 from 57.6 in November. The services employment index slipped to a reading of 53.9 from 57.8 in November.
Sales fell 1.1% compared to October, seasonally adjusted a much sharper decline than expected, while October's sales were revised downward from a slight increase to a slight decrease, the Commerce Department said.