U.S. retail sales increased less than expected in November, likely payback after surging in the prior month as Americans started their holiday shopping early to avoid empty shelves.
A rotation in spending from goods back to services as well as shortages and the resulting higher prices also appear to have held back retail sales last month, with the report from the Commerce Department on Wednesday showing a sharp drop in receipts at electronics and appliance stores. Online retail sales were unchanged.
Trillions of dollars in COVID-19 pandemic relief from governments across the globe fueled demand for goods, straining supply chains. The resulting shortages, ranging from motor vehicles to furniture and electronics, have raised goods prices. Sales at clothing stores rose 0.5%. Receipts at restaurants and bars increased 1.0%. Restaurants and bars are the only services category in the retail sales report. These sales were up 37.4% from last November.
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