Pullbacks in auto sales helped drive the decline — the largest monthly decrease seen all year — but even excluding autos, monthly sales declined by 0.2%, despite cooling inflation.
Economists had expected monthly sales to shrink by 0.1%, down from October’s 1.3% increase, according to consensus estimates on Refinitiv.
Retail sales, which are not adjusted for inflation, were up 6.5% in November from the year prior, according to the report.
That’s the slowest year-over-year retail sales growth since 2020, said Ted Rossman, senior industry analyst for Bankrate.
“Credit card rates going up could cause more of a contraction, but hopefully [the Fed] gets a nice feather landing.”This story is developing and will be updated.