Trying to track the resurgence of COVID? Look no further than retail sales, which missed economist's expectations on November 17, 2020. Missing the headline number is noteworthy, but more interesting is the breakdown within the reported sectors. The same trends that developed in March and April are on display now, with non-store retail and building & garden materials growth strengthening while restaurants and auto are moderating. These trends are likely to persist until a vaccine is widely available and a true return to normalcy occurs.
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