Americans held back on spending during the start of the holiday shopping season, a troubling sign for retailers and the state of the U.S. economy.
U.S. retail sales fell a seasonally adjusted 1.1% in November, according to the U.S. Commerce Department. It was the biggest drop in seven months, and a steeper decline than Wall Street analysts had expected.
The report points to a weak start to the all-important holiday shopping season, which can usually account for a quarter or more of a retailer’s annual sales. It is also another sign that the pandemic is slowing the U.S. economy as retailers face tighter restrictions and people stay away from stores.
