U.S. shoppers pulled back on spending in November compared to the previous month, in the biggest dip in almost a year. And for once, lower prices and sales seem to be part of the story.
Retail spending declined 0.6% last month as holiday shopping kicked into gear, according to the latest report from the U.S. Commerce Department. In October, retail sales had increased 1.3%.
Compared to a month earlier, people spent less on cars and gas, clothes and sporting goods, furniture and electronics. At the same time, spending kept climbing at grocery stores and at restaurants and bars.
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