In other news, Congress is reportedly close to reaching a deal on coronavirus stimulus including smaller stimulus checks but no financial aid for cities and states.
Meanwhile, Biden has chosen former Democratic primary candidate Pete Buttigieg to serve as the next secretary of transportation. He also selected former Michigan Governor Jennifer Granholm to lead the Department of Energy.
Finally, retail sales fell more than economists expected last month and numbers for October were also revised downward.
Retail sales dropped 1.1% last month, with receipts declining almost across the board. Data for October was revised down to show sales slipping 0.1% instead of rising 0.3% as previously reported, adding a sting to the report. October’s dip was the first since April, when stringent measures to control the first wave of coronavirus cases crippled the economy.
The plunge in sales last month was led by motor vehicles, with receipts at auto dealerships tumbling 1.7% after being unchanged in October. Receipts at clothing stores plummeted 6.8%. Consumers also cut back on eating and drinking out. Sales at restaurants and bars dropped 4.0%.
Sales at electronics and appliance stores fell 3.5% and receipts at furniture stores declined 1.1%. There were also decreases in sales at sporting goods, hobby, musical instrument and book stores. But receipts at food and beverage stores rose as did those at building material stores.
If Congress finally agrees to a stimulus package, this may be one reason why.
I'm getting my hair done tomorrow afternoon, but things should be normal here unless something unexpected comes up.
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