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“Households are still tapping excess savings and benefiting from robust wage gains, but both tailwinds will wane next year, especially if the Fed keeps raising rates,” Sal Guatieri, senior economist at BMO Capital Markets, said in a note. So-called control group sales — which are used to calculate gross domestic product and exclude food services, auto dealers, building materials stores and gasoline stations — fell 0.2%, missing estimates for a 0.1% gain.While the November figure was disappointing, several economists noted the strong spending data from October, suggesting that consumers started their holiday shopping early this year as retailers extended deep discounts.
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