According to a press release from the US Department of Commerce, retail sales in November increased by 0.3% compared to October. Analysts had expected growth of 0.8% on a monthly basis. At the same time, the dynamics of sales in October was revised: according to a new estimate, retail sales increased by 1.8%, and not by 1.7%, as previously reported. The volume of retail sales (excluding cars and components) in November also increased by 0.3% compared to the previous month. The October indicator was revised similarly: now the growth is estimated at 1.8% instead of 1.7%. Such results disappointed the markets, as retail sales are one of the most important indicators of the state of the US economy (consumer spending accounts for about 70% of the country's GDP). However, it is unlikely that these data will force the Fed to significantly reconsider its position today, although the regulator will still have to monitor the development of the situation with the omicron strain.
