Retail sales disappoint in November, raising concerns on spending

Rising prices on gas and groceries are prompting Americans to pull back in other categories, raising fears that lingering inflation — coupled with a new COVID wave — could be slowing economic growth.

Retail sales edged up 0.3% in November from the month before, the Commerce Department reported Wednesday, well below the 0.8% forecast by economists. It’s also a significant slowdown from the 1.7% spike recorded in October.

The biggest sales increases reflected the rising costs of fuel and food, with gas stations notching a 1.7% jump. Spending at restaurants and bars rose 1%. Grocery sales climbed 0.9%.