December Was Another Retail Sales Disaster, Even Worse With Negative Revisions – Mish Talk

Advance Retail Sales

Today, the Commerce Department released Advance Retail Sales Data for November.

• Advance estimates of U.S. retail and food services sales for December 2022, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $677.1 billion, down 1.1 percent (±0.5 percent) from the previous month, but up 6.0 percent (±0.7 percent) above December 2021. 
• Total sales for the 12 months of 2022 were up 9.2 percent (±0.4 percent) from 2021. Total sales for the October 2022 through December 2022 period were up 6.7 percent (±0.5 percent) from the same period a year ago. 
• The October 2022 to November 2022 percent change was revised from down 0.6 percent (±0.5 percent) to down 1.0 percent (±0.2 percent). 
• Retail trade sales were down 1.2 percent (±0.5 percent) from November 2022, but up 5.2 percent (±0.7 percent) above last year. 
• Nonstore retailers were up 13.7 percent (±1.1 percent) from December 2021, while food services and drinking places were up 12.1 percent (±2.8 percent) from last year.