Retail sales fell 0.6% in November 2022 compared to the previous month, though they were up 6.5% from November 2021, according to Commerce Department data. The decline occurred despite muted inflation of just 0.1%, according to the Bureau of Labor Statistics’ Consumer Price Index (CPI).
Certain areas were hit harder than others. Department stores saw a 2.9% decline, furniture and home furnishings stores reported a 2.6% decrease and building materials and garden centers fell 2.5%. However, food and beverage retailers reported a 0.8% increase in sales, while health and personal care stores saw a 0.7% increase. Overall online sales fell 0.9%.
