Source: Economics Group of Wells Fargo Bank, N.A.Summary
November retail sales rose 0.6%, and despite some downward revisions to prior data, we see consumer spending momentum carrying into Q4. That said, watch out for a comparatively soft December as previewed in both our Holiday Sales outlook and in high frequency data.Holiday Spending Was in Full Swing in November
Retail sales rose 0.6% in November, following a flat reading in October. A rebound in auto sales helped, but not as much as expected. Even after excluding autos, sales still rose 0.5%.