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
Source: Bloomberg
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…
Source: Bloomberg
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.
Tyler Durden
Fri, 01/15/2021 – 08:38
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