Total retail sales rose 0.2 percent in November, with sales within the control group increasing by 0.1 percent. NAFCU Chief Economist and Vice President of Research Curt Long reacted to the “modest” rise in a new NAFCU Macro Data Flash report.
“Solid job growth will continue to drive moderate retail sales growth into the medium-term, although wage growth is slowing. Growth remains weak in housing-related categories as spending has not followed increased home sales, ” said Long. “Trade tensions are an unpredictable risk, destined to change weekly and cause some uncertainty.”
Year-over-year growth in retail sales was 3.3 percent in November, up from 3.2 percent the previous month. Control group sales increased by 3.5 percent from a year ago.
Among the major retail segments, five of the 13 sales categories showed month-over-month declines, with personal care stores and clothing stores seeing the sharpest drops.
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