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Weekly economic review & outlook
COVID shutdowns hit consumer spending

DEC. 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.

Week Ahead

Forecasts

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.

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