Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Black Friday shoppers walk New York City's 5th Avenue. Photo: Andrew Lichtenstein/Corbis via Getty Images
Shoppers spent less at restaurants and bars in November and didn't buy as many clothes and sporting goods as they had the month prior, according to the latest advance estimates from the Commerce Department.
The big picture: Strong consumer spending largely acted as the U.S. economy's backbone for the past two quarters and much of 2018. The Federal Reserve ended its interest rate-cutting streak on Wednesday, signaling confidence that the economy doesn't need easier borrowing conditions to stay afloat.
- Consumer spending at restaurants and bars dropped 0.3% in November, marking the steepest monthly decline since last December, per the Wall Street Journal.
Yes, but: Retail sales — excluding gasoline and cars — did not change from October to November, WSJ reports, meaning overall sales rose 0.2% when seasonally adjusted.
- And Cyber Monday, during which Americans spent a record $7.4 billion in online sales, wasn't included in Friday’s report since it took place on Dec. 2, the WSJ notes.