US Retail Sales: E-commerce posts biggest monthly decline since the pandemic began – Wells Fargo
|Data released on Friday showed an unexpected decline in retail sales (-0.7% vs 0.0). According to analysts at Wells Fargo, point out declines were broadly based, and add that a standout was e-commerce, posting the biggest monthly decline since the pandemic began.
Key Quotes:
“Holiday sales finished soft, but on the heels of solid goods spending earlier this year, the annual increase for holiday sales was 8.7%, just shy of our 9.0% forecast. We will publish a full summary of holiday sales subsequent to this report.”
“E-commerce slowed sharply with non-store retailers posting a 5.8% monthly drop—the biggest decline of the post-pandemic period.”
“The stimulus checks and jobless benefits that were part of the CARES Act last year resulted in an unprecedented surge in disposable income and record savings.”
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