Retail sales slow as consumers spend less in November

Consumers spent less in November on retail and food services as the sector continues to recover from the COVID-19 pandemic and inflation-related pressures. 

On Thursday, the Census Bureau reported American shoppers spent $689.4 billion last month as sales for retail and food services slipped 0.6%, after moving 1.2% higher month over month in October.

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Despite the drop in monthly sales, on an annual basis sales climbed 6.5%.

Also in November, retail trade sales fell 0.8% from the prior month, but increased 5.4% year over year.

Meanwhile, gasoline stations were up 16.2% from November 2021, as food services and drinking places moved 14.1% higher from the same period last year.