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.
“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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