Retail prices for garments in the United States increased by four per cent year over year in November 2022. Month over month retail prices were 0.3 per cent higher. Compared to the average before Covid, clothing prices were 1.7 per cent higher.
In November, consumer spending was flat month over month and two per cent higher year over year. Spending on clothing was 0.8 per cent lower month over month and up 0.1 per cent year over year.
The US economy was estimated to have added 2,23,000 jobs in November, near the levels posted over the past four months. Revisions to figures from the last two months were negative. The current twelve-month average is 3,75,000 jobs.The unemployment rate decreased slightly, from 3.6 per cent to 3.5 per cent, and remains low by historical standards. Wages were up 4.6 per cent yearoveryear in December 2022. This is the lowest rate of annual gain since August 2021 and is below current rates of inflation.
Consumer spending during the holidays was generally reported as stronger than feared and may help alleviate issues involving retailer inventories. However, there are other challenges for retailer order demand, including higher sourcing costs and fears that the lagged effects of interest rate increases will weigh on consumer demand in 2023.
By Fashionating World