US Inflation and Retail Sales
US Inflation and Retail Sales
By Ben Casselman @bencasselman
"One big factor in inflation: We're still spending way more on stuff than before the pandemic. Retail sales up 1.7% in October, and more than 20% above prepandemic levels (not adjusted for inflation)."
"Compare that to restaurant spending, which was flat in October and is basically on its pre-Covid trend line. And restaurant sales have held up better than many in-person services, thanks to takeout."
"This isn't just about rising prices, either. Even in inflation-adjusted terms, retail sales are way above their prepandemic trend."
One big factor in inflation: We're still spending way more on stuff than before the pandemic. Retail sales up 1.7% in October, and more than 20% above prepandemic levels (not adjusted for inflation).https://t.co/4wY06160ik pic.twitter.com/3V6XO11Hdn
— Ben Casselman (@bencasselman) November 16, 2021
