Weekly economic review & outlook
COVID shutdowns hit consumer spending
December 21, 2020
You Need to Know
Week in review
Retail sales drop for November as COVID impacts build
The 1.1 percent decline was led by cuts in spending at restaurants and department stores, reflecting the impact of government restrictions to curb the spread of the virus.
Housing starts climb higher
Home construction activity continued to rise for November in response to surging demand for single-family homes this year.
Existing home sales expected to slip
The skyrocketing pace of existing home sales is expected to moderate a bit for November, as pending home sales (a leading indicator) for October slipped for a second consecutive month.
New home sales should see a small increase
As housing demand factors remain strong and the supply of existing homes remains historically low, we expect the pace of new home sales for November to be up a tad.
Retail sales fell by 1.1 percent for November in another sign of slowing economic activity toward year end. The decline was led by cuts in spending at restaurants and department stores, reflecting the impact of government restrictions to curb the spread of the virus.