Retail sales for November were reported this morning slightly worse than expectations up 0.2% m/m. The margin for error on the survey is +/- 0.5% so there is a probability that retail sales were actually lower in November. Monthly highlights were electronics and appliance stores, which were up 2.1% and non-store retailers which were up 1.5%. Y/Y retail sales were up a healthy 6.7% led by autos which were up 8.1% y/y.
Headline retail sales data is reported on a nominal basis. The inflation adjusted data tells a slightly different story. The divergence of nominal and real data is shown below. Real retail sales are still below their 07 peak.