Retail Sales Growth Beats Expectations in November Despite Pullback in Some Areas
• Retail sales rose 0.3% in November, exceeding expectations of a 0.1% decline • Consumers continued spending at grocery stores, car dealers, health stores, restaurants, and online • However, they pulled back spending at gas stations, electronics stores, building supply stores • Shoppers spent more money in 8 out of 13 retail categories last month • Economists predict consumer spending may slow in 2023 due to rising interest rates and debt burdens