U.S. retail sales rise slightly, cast shadow on fourth-quarter economic growth
WASHINGTON - U.S. retail sales increased less than expected in November as Americans cut back on discretionary spending despite a strong labor market, raising fears the economy was slowing a bit faster than anticipated in the fourth quarter.
“Just as the Fed was in the middle of a victory dance, convinced they have returned the economy to a position of strength after just three rate cuts, the consumer waves a red flag,” said Lindsey Piegza, chief economist at Stifel in Chicago. “Any signs the consumer is waning could have sizeable negative consequences for growth at year-end and into next year.”
Excluding automobiles, gasoline, building materials and food services, retail sales edged up 0.1% last month after rising by an unrevised 0.3% in October. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Consumer spending accounts for more than two-thirds of the economy.
Economists did not expect a de-escalation in trade tensions between the United States and China to materially change the outlook for the economy in 2020, arguing that it would take a long time to reverse the damage caused by the 17-month trade war on sectors like manufacturing and agriculture.
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