Research Brief: Retail Sales – December 2020

Dwindling income and renewed closures push retail sales lower. The last of the supports from the CARES Act are winding down, including an extension of state-level unemployment benefits that will expire at the end of this year. Furthermore, several major cities have ordered businesses to temporarily shutter or reduce capacity. As a result, core retail sales declined 0.8 percent in November, marking the second consecutive monthly decline. Year over year, core retail sales have climbed 5.9 percent, largely due to a lack of alternative spending options. Only a handful of sectors that have already thrived through the health crisis posted a monthly gain.

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