US Retail Sales Tumble For 3rd Straight Month On Slump In Restaurant & Online Spending
US Retail Sales declined for the 3rd straight month in December, sliding 0.7% MoM vs 0.0% exp
The biggest headline under the surface is the fact that non-store retailers (Amazon etc.) plunged 5.8% MoM.
And while motor vehicles sales rose 1.9%, the lockdowns sent Food Services & Drinking Places sales down 4.5% MoM…
On a year-over-year basis, headline and core retail sales remain positive but are slowing dramatically as all that government handout cash runs out…
The silver lining, if there is one, is that BofA’s real-time spending data is suggesting a surge in buying is coming in January.
Fri, 01/15/2021 – 08:38