Americans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy.
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Retail sales drop at start of key holiday shopping seasonAmericans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy. Retail sales fell 0.6% from October to November after a sharp 1.3% rise the previous month, the government said Thursday. Americans' spending has been resilient ever since inflation first spiked almost 18 months ago, but the capacity of Americans to continue spending in a period of high inflation may be beginning to ebb.
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Retail sales drop sharply at start of key holiday shopping seasonSales fell at furniture, electronics and home and garden stores.
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