November retail sales were strong.
On Thursday, the November report on retail sales topped expectations, showing that sales rose 0.7% over the prior month, better than the 0.4% increase that was expected.
Analysts at Capital Economics said following the report that, “The strong rise in retail sales in November shows that we were right to dismiss all the reports that holiday sales have been weak. The truth is that the rapid rises in
employment mean that this holiday shopping season will be the best in nine years.”
But there is one place where sales are hurting: gas stations.
In November, sales at gas stations fell 0.8% month-on-month and 2.1% year-on-year.
This marked the sixth straight monthly decline for gas station sales, which according to Bespoke Investment Group is the longest streak since 1998.
Yesterday we highlighted the declining price of gas in the US, which many see as a massive tax cut for US consumers heading into the crucial holiday season.
Gas station owners, however, likely aren’t as excited.
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