Retail sales down 0.6%, but up 1.3% the previous month. Unemployment claims down 20,000

https://finance.yahoo.com/news/u-retail-sales-fall-more-134439503.html

The latest retail sales reading showed a decline of 0.6% over the prior month but a 6.5% increase from November 2021.

The Commerce Department said on Thursday that retail sales dropped 0.6% last month. Data for October was unrevised to show sales accelerating 1.3%. Economists polled by Reuters had forecast sales dipping 0.1%.

Retail sales are mostly goods and are not adjusted for inflation. Last month's decline in sales suggests holiday shopping was pulled forward into October. Motor vehicle shortages also depressed sales at auto dealerships.

The boost from one-time tax refunds in California, which saw some households receiving as much as $1,050 in stimulus checks in October and Amazon's second Prime Day faded last month. Other factors which hurt sales included the rotation in spending back to services and discounting by retailers eager to lure cash-strapped consumers to clear unwanted inventory.

... Consumers have also been drawing down savings to fund purchases. The saving rate was at 2.3% in October, the lowest since July 2005.

==== UNEMPLOYMENT INSURANCE CLAIMS ==========

Dept of Labor: Unemployment insurance claims: 211,000 (down 20,000 from previous week, previous week revised up 1,000),
Insured unemployment claims ((aka continuing claims)): 1,671,000 (up 1,000 from previous week, previous week revised down 1000), 12/15/22
https://www.dol.gov/ui/data.pdf

REUTERS: Unemployment insurance claims are volatile at the start of the holiday season as companies temporarily close or slow hiring. They shot up to a three-month high a week before the Thanksgiving holiday, only to almost unwind the surge in the following week.

Claims have stayed below the 270,000 threshold, which economists said would raise a red flag for the labor market, despite a wave of layoffs in the technology sector.
Businesses are generally reluctant to lay off workers, having struggled to find labor in the aftermath of the COVID-19 pandemic, Powell described the labor market as "extremely tight," adding "it feels like we have a structural labor shortage out there." There were 1.7 job openings for every unemployed person in October.