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Today the U.S. Census Bureau released preliminary estimates of nationwide retail sales in November 2022 and revised estimates for October 2022. (The data include both brick-and-mortar and Internet sales.)
Retail Sales Declined. Seasonally adjusted U.S. retail sales declined 0.6 percent from October to November. Cumulative twelve-month growth in sales from November 2021 to November 2022 was 6.5 percent.
Inflation-Adjusted Sales Also Declined. Across all goods and services purchased by consumers, U.S. prices grew 0.1 percent from October to November. From November 2021 to November 2022, prices grew 7.1 percent, more than offsetting the 6.5 percent growth in sales over that twelve-month period.
