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#Retail spending fell 1.1% in November, worse than expected & 2nd straight month of declines.
-1.1% MoM is not enough to pull spending below pre-crisis levels (still +3.6%), but signals that the surging pandemic is crimping spending during the holidays
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-1.1% MoM is not enough to pull spending below pre-crisis levels (still +3.6%), but signals that the surging pandemic is crimping spending during the holidays
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Spending by #retail category shows an exacerbation of pandemic trends e.g. clothing -6.8% MoM, food services -4%, grocery stores +1.9%, but #ecommerce growth was muted at +0.2%, unable to make up the diff in Nov like it has in prev months.
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And that pullback in spending translates into hiring. November was the first month since April that saw SA job losses in #retail & food services.
Even the second wave over the summer wasn't enough to pull job gains into negative territory—this winter wave is different
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Even the second wave over the summer wasn't enough to pull job gains into negative territory—this winter wave is different
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#Retail spending is still up 4.1% YoY & holiday job openings on @Glassdoor are elevated (+20% YoY) after a late-season #ecommerce-driven surge
E-commerce may keep retail spending in the black this winter, though w/ fewer workers & at the expense of other retail categories
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E-commerce may keep retail spending in the black this winter, though w/ fewer workers & at the expense of other retail categories
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