by Wolf Richter
Stimulus Fatigue sets in. Second month of declining retail sales in a row. But online sales eked out a new record, if barely.
Retail sales in November fell 1.1% from October, the second month in a row of declines, and they even fell with restaurants and bars removed from the total. Sales at nonstore retailers, the placeholder for ecommerce, eked out a new record. This is the second month now of what I called a month ago Stimulus Fatigue.
But wait… the Pandemic-induced switch from services – such as airline tickets, concert tickets, hotel bookings, and haircuts – to goods – such as food & beer at home, bicycles, and consumer electronics – is still on. In November, retail sales of $547 billion (seasonally adjusted) were still up 4.1% from November last year, according to the Census Bureau this morning. And for the 11-month period, they were essentially flat ($5.70 trillion), despite the collapse in March and April: