News & Opinions About Gold & Silver

February 25, 2024

Retail Sales Fell 1.1% in November

Wed, December 16, 2020– The U.S. Commerce Department reported today Retail sales fell 1.1% in November, the biggest drop in seven months. For the struggling U.S. economy that remains in a recession, it’s evidence that millions of unemployed Americans have run out of money to spend.

Others held back on spending during the traditional start of the holiday shopping season. To add to the problem, the U.S. Commerce Department also revised October’s official numbers reporting retail sales actually fell 0.1% instead of rising 0.3% as it previously reported.

Black Friday was not the boost retailers needed as stores were not jam packed this year due to restrictions on number of shoppers in stores at one time and some states implementing stay-at-home orders over the Thanksgiving Holidays.

Post Turkey Day, a surge in coronavirus infections nationwide is also keeping Americans from spending. California and New York are again shutting down as hospitalizations and deaths soared in the wake of Holiday travel nationwide.

Our opinion:  The Coronavirus will continue to have a huge impact on the U.S. economy through at least March. It will take past September to get enough Americans vaccinated, re-vaccinated 30 days later— before even half of us can feel secure in going out again and living a normal life— which in America has meant eating out, going to bars, going to the movies, going, going, going and shopping.