The shop some daysUS advance retail sales for November 2020
- prior report
- advance retail sales -1.1% vs. -0.3% estimate
- retail sales ex auto -0.9% vs. +0.1% estimate
- retail sales ex auto and gas -0.8% vs. +0.1% estimate
- retail sales control group -0.5% vs. +0.2% estimate
All the main headlines are soft for the 2nd consecutive month. The revisions are also coming in softer than last month original releases. Prior month's or revised to:
- advance retail sales -0.1% vs. +0.3% originally reported
- ex auto and gas revised to -0.1% vs. +0.2%
- ex auto and gas revised to -0.1% vs. +0.2%
- control group revised to -0.1% vs. +0.1%
Overall these numbers are a huge disappointment. The data are a shot across the bow to those in Washington who are still working on a stimulus deal (but with hopes for one imminently). That may be the glimmer of hope in what is a bad report across the board.
A $900 billion package is expected to be agreed to on Capitol Hill. That would not include state and local relief nor liability provisions which have held up prior attempts for stimulus. The question with claims rising (we get another report tomorrow) and now retail sales showing weakness across the board for 2 consecutive months, is it enough?
